PennyMac Financial Narrowly Misses Estimates

PennyMac Financial Services Inc. narrowly missed analyst expectations for net income and revenue Thursday. The Moorpark lender reported net income of $65.3 million, with stockholder net income at $12.7 million (58 cents a share) for the third quarter ended Sept. 30, compared to $12.8 million (59 cents) for the same quarter last year. Revenue declined 3.6 percent to $189 million. Analysts on average expected net income of 61 cents a share on revenue of $196 million, according to Thomson Financial Network. The company produces and services U.S. residential mortgage loans and is an affiliate of publicly held mortgage REIT PennyMac Mortgage Investment Trust. Stanford Kurland, the former president of Countrywide Financial, is chief executive of both companies. “PennyMac Financial delivered strong financial performance in the third quarter as a result of continued growth in our loan production and servicing businesses,” Kurland said in a prepared statement. The company reported resulsts after markets closed Wednesday. Shares dropped 55 cents, or more than 3 percent, to close Thursday at $16.53 on the New York Stock Exchange.