PennyMac Financial Posts Strong EPS but Misses Revenue Expectations for Q2 2024
PennyMac Financial Services, Inc. (NYSE: PFSI) delivered mixed results for Q2 2024. The company reported earnings per share (EPS) of $2.67, beating analyst expectations of $2.58. However, revenue came in at $406.1 million, falling short of the forecasted $466.6 million.
Key Performance Drivers:
• Servicing Segment: PennyMac’s servicing portfolio grew significantly, reaching $632.7 billion, a 10% year-over-year increase. This segment generated $88.5 million in pre-tax income, a notable jump from $46.5 million in Q2 2023
• Mortgage Origination: Despite strong earnings, revenue from loan origination was slightly affected due to volatile interest rates and the housing market environment.
Looking forward, the company’s continued expansion in its servicing operations, along with strategic adjustments in mortgage origination, positions it for sustained growth. Investors remain optimistic with price targets around $107.
NOT TRADING ADVICE. ALWAYS DO YOUR OWN RESEARCH.
PennyMac Financial Services, Inc. (NYSE: PFSI) delivered mixed results for Q2 2024. The company reported earnings per share (EPS) of $2.67, beating analyst expectations of $2.58. However, revenue came in at $406.1 million, falling short of the forecasted $466.6 million.
Key Performance Drivers:
• Servicing Segment: PennyMac’s servicing portfolio grew significantly, reaching $632.7 billion, a 10% year-over-year increase. This segment generated $88.5 million in pre-tax income, a notable jump from $46.5 million in Q2 2023
• Mortgage Origination: Despite strong earnings, revenue from loan origination was slightly affected due to volatile interest rates and the housing market environment.
Looking forward, the company’s continued expansion in its servicing operations, along with strategic adjustments in mortgage origination, positions it for sustained growth. Investors remain optimistic with price targets around $107.
NOT TRADING ADVICE. ALWAYS DO YOUR OWN RESEARCH.
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