Ocwen Financial Q1 Profit Rises - Quick Facts

(RTTNews) - Ocwen Financial Corp. (OCN) reported that its first-quarter net income attributable to stockholders increased to $74.85 million or $0.54 per share from $42.58 million or $0.31 per share in the year-ago period.

Pre-tax earnings on a GAAP basis for the first quarter were $89.0 million, a 73% increase as compared to the prior-year period. Ocwen's normalized pre-tax earnings for the quarter were $114.0 million, a 12 percent increase from the previous-year quarter.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 36 percent to 551.26 million from $406.27 million in the same period last year. Analysts expected revenue of $569.44 million for the quarter.

Bill Erbey, Ocwen's Chairman said, "In fact, we hold more capital relative to mortgage servicing rights than most banks. However, increased compliance and operational risk management does not come without a cost, as you can see from our first quarter normalized earnings."