Pennymac Financial Services (PFSI) Misses Q1 EPS by 4c, Revenues Miss

Pennymac Financial Services (NYSE: PFSI) reported Q1 EPS of $0.58, $0.04 worse than the analyst estimate of $0.62. Revenue for the quarter came in at $247.71 million versus the consensus estimate of $254.77 million.

“PFSI’s strong first quarter financial results demonstrate the earnings power of PennyMac Financial’s balanced business model in a declining mortgage rate environment,” said President and CEO David Spector. “Our servicing portfolio grew to $325 billion at the end of the quarter, driven by our industry-leading production activities and $16 billion of bulk acquisitions. In our Production segment, the investments we have made in our consumer direct lending channel generated strong results as we helped a number of our 1.6 million servicing customers take advantage of lower rates and refinance their homes. We remain confident that our comprehensive operating platform and sophisticated interest rate risk management capabilities position PennyMac Financial to execute across different market environments and maintain our leadership position in the mortgage industry.”

For earnings history and earnings-related data on Pennymac Financial Services (PFSI) click here.

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