PennyMac Financial earnings go up
Westlake Village-based PennyMac Financial Services reported an increase in earnings for the fourth quarter of 2017 and for the entire year, compared to 2016, on Feb. 8.
The company reported a net income of $123.9 million for the fourth quarter of 2017. Net income attributable to common stockholders was $62.3 million, or $2.44 per diluted share.
Pretax income for the fourth quarter was $121.8 million, which includes a $32 million benefit related to the reevaluation of tax-related items as a result of the newly enacted federal tax law.
“PennyMac Financial closed out the year with a very strong fourth quarter, with growth in book value per share to nearly $20,” David Spector, president and CEO of PennyMac Financial Services, said in a news release. “Earnings were excellent and further benefitted from the reevaluation of tax-related items.”
Full year revenues rose 3 percent compared to 2016, totaling $955.5 million, for diluted earnings per share of $4.03. Shares for the company ended the day at $21.30, down 40 cents.
— Contact Robert Shutt at rshutt@pacbiztimes.com
