PennyMac Increases Earnings, Revenue

PennyMac Mortgage Investment Trust on Wednesday reported higher revenue and net income for the third quarter. The Moorpark-based trust, which invests in distressed mortgages, reported net income of $38.8 million (49 cents a share) for the quarter ended Sept. 30, compared with net income of $69.8 million (36 cents) for the same quarter last year. Revenue increased 30 percent to $90 million. No analysts follow the company. “Third-quarter earnings were consistent with our expectations from the present investment portfolio and benefited from improved performance in our distressed loan investments, correspondent production, and our interest rate sensitive strategies,” Chief Executive Stanford Kurland said in a statement. The company reported results after market close. Shares closed down 18 cents or 1.2 percent to $14.78 on the New York Stock Exchange.