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Thursday, Dec 8, 2022
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Earnings: PennyMac Financial, MRV

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.

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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