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Countrywide net up 73%; shy of target
By Greg Morcroft, MarketWatch
Last Update: 8:54 AM ET Jan. 31, 2006
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NEW YORK (MarketWatch) -- Countrywide Financial reported Tuesday that fourth-quarter net income rose 73% on higher revenue from interest on loans, but faster-growing interest expenses brought per-share profit in below market expectations.

CFC34.25, +0.25, +0.7%) earned $638.9 million, or $1.03 a share, compared with $368.8 million, or 61 cents, in the year-earlier period. Analysts polled by Thomson First Call estimated $1.05 for the quarter.

Revenue rose 29% to $2.59 billion from $2.02 billion. Thomson First Call's consensus estimate: $2.71 billion.

The company said its interest income for the quarter jumped 92% from year-earlier levels, but interest expense more than doubled.

Looking ahead, the mortgage-industry giant said it expects to earn $3.80 to $4.80 a share for 2006, versus a current average estimate of $4.40 a share, according to Thomson First Call.