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Wednesday, Mar 27, 2024

PennyMac Profits Soar in Q4

Shares of PennyMac Financial Services Inc. moved higher Friday, one day after the company reported fourth-quarter and full-year results. The Westlake Village originator and investor in mortgage loans reported net income attributable to shareholders of $62.3 million ($2.44 a share) for the quarter ended Dec. 31, compared to net income of $22.7 million ($1) for the same quarter a year ago. Revenue in the quarter shrank 67 percent to $98.6 million. Chief Executive David Spector noted the significance of tax reform in helping the company’s performance. “Earnings were excellent and further benefited from the remeasurement of tax-related items,” Spector said in a statement. “Our production and servicing segments delivered solid earnings.” For full-year 2017, PennyMac had net income of nearly $101 million on revenue of $302 million. Shares of PennyMac (PFSI) closed Friday up 65 cents, or nearly 3.1 percent, to $21.95 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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