Redwood Trust (RWT) Tops Q3 EPS by 59c
Redwood Trust (NYSE: RWT) reported Q3 EPS of $1.02, $0.59 better than the analyst estimate of $0.43.
"We viewed the third quarter as a transition to the future for Redwood, as record-breaking results for both Select residential loan locks and business purpose lending earnings emphasized the strength of our operating businesses. The secular trends supporting our housing thesis are intact and accelerating with a nationwide push toward single-family housing – whether rented or owned," said Chris Abate, Chief Executive Officer of Redwood Trust. "We continue to experience strong demand for loans and believe we are well positioned to take market share in the coming quarters – a prospect bolstered by new technological initiatives. In spite of expected volatility through the remainder of 2020, we are optimistic that we will end the year on a high note."
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