TMFZ: More good news from the Mortgage Banking sector
Bodes well for TMFZ earnings due out by 5/15. Trailing PE is now under 4 .... CFC's PE is almost 3x higher at near 10 ...
Countrywide Financial Corp. on Tuesday reported a 27% increase in first-quarter net income and raised its outlook for the rest of 2005.
The Calabasas, Calif., mortgage giant said quarterly net income rose to $689 million, or $1.13 a share, up from $543 million, or 90 cents a share, in the same period last year, reflecting contributions from the mortgage, banking and insurance businesses. The company had been expected, on average, to earn $1.02 a share, according to a survey of analysts by Thomson First Call.
Countrywide raised its target for 2005 earnings to a range of $3.60 to $4.60 a share, up from its revised February range of $3.45 to $4.45 a share. It had a 2004 profit of $3.63 a share.
In its core business, the company's pretax mortgaging earnings rose to $772 million from $561 million a year earlier. Revenue climbed 22% to $2.4 billion from $1.97 billion, as total quarterly loan production rose 21% to $92 billion.
"Countrywide opened 2005 with a solid first quarter," said Chairman and CEO Angelo Mozilo, in a statement. The company raised its quarterly dividend by a penny to 15 cents a share.
