Altisource Portfolio Solutions (NASDAQ: ASPS) reported Q1 EPS of $0.48, versus $0.48 reported last year. Revenue for the quarter came in at $169.94 million versus the consensus estimate of $158.5 million.

• Service revenue of $165.0 million
• Income from operations of $0.2 million and adjusted operating income(1) of $18.1 million
• Loss before income taxes and non-controlling interests of $(4.0) million and adjusted pre-tax income attributable to Altisource(1) of $11.3 million
• Net loss attributable to Altisource of $(3.2) million, or $(0.20) per diluted share, and adjusted net income attributable to Altisource(1) of $8.0 million, or $0.48 per diluted share

“I’m pleased with our solid first quarter performance. Operationally, we have streamlined our organization, are focusing on our larger opportunities, and seeing the results through our financial performance. First quarter 2019 adjusted operating income was 10% higher than the first quarter 2018 and marks the third straight quarter of adjusted operating income growth compared to the same quarter in the prior year. To focus on our larger opportunities, last year we sold the property management business and announced that we are exiting the buy-renovate-lease-sell business. Recently, we entered into an agreement to sell our Financial Services business for $44 million, $40 million of which will be received at closing and the remaining $4 million on the one year anniversary of closing. We anticipate this sale to close before the end of the third quarter 2019 and plan to use the proceeds to reduce our debt,” said Chief Executive Officer William B. Shepro.

Mr. Shepro further commented, “On the business front, we are making excellent progress with new and existing customers. With Hubzu, we are winning new business and diversifying our customer base as demonstrated by our growing inventory of foreclosure auctions and homes for sale from customers other than Ocwen, NRZ and RESI. As of March 31, 2019, Hubzu inventory from these other customers has grown by 116% over March 31, 2018 and represented 26% of total inventory at the end of the quarter compared to 10% a year ago. With Field Services, we have largely completed the on-boarding process with a top-5 servicer customer and anticipate receiving referrals as one of three of its vendors in the third quarter 2019. We also continue to develop our sales pipeline and have promising opportunities.”

For earnings history and earnings-related data on Altisource Portfolio Solutions (ASPS) click here.