PennyMac Financial Services Inc. reported record quarterly revenue, while MRV Communications narrowed its loss during the third quarter. The Westlake Village mortgage loan servicing company reported net income of $23.7 million ($1.06 a share) for the third quarter ended Sept. 30, compared to net income of $12.7 million (58 cents) for the same quarter a year ago. Revenue increased 120 percent to $182 million. Analysts on average expected net income of 90 cents a share on revenue of $260 million, according to Thomson Financial Network. “We have once again achieved record quarterly earnings driven by record production volumes,” Chief Executive Stanford Kurland said in a statement. The company reported its financials after the market closed Thursday. Shares closed up 25 cents or 1.5 percent to $17.15 on the New York Stock Exchange. <hr> MRV Communications narrowed its loss during the third quarter, the company announced Thursday. The Chatsworth telecommunications equipment maker reported a net loss of $3.1 million (-45 cents a share) for the quarter ended Sept. 30 compared to a net loss of $9 million (-$1.31) for the same quarter a year ago. Revenue declined 17 percent to $18.9 million. The one analyst who follows the company expected a net loss of 12 cents on revenue of $23 million, according to Thomson Financial Network. “In the quarter, amongst other factors, revenues from our Tier-1 service provider customers were not reflective of normal buying patterns as they were impacted by inventory adjustments and other short-term issues,” Chief Executive Mark Bonney said in a statement. The company announced results after the market closed Thursday. Shares closed down 35 cents or 3.2 percent to $10.50 on the Nasdaq.
