Ocwen Financial Q3 Profit Rises; To Buy Back Shares - Quick Facts

(RTTNews) - Ocwen Financial Corp.'s, (OCN) third-quarter net income advanced to $67.0 million, or $0.44 a share, from $51.4 million, or $0.37 a share, in the 2012 period. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $1.10 for the quarter. Analysts' estimates typically exclude one-time items.

Income from operations grew 32% to $185.0 million, from $140.0 million for the third quarter of 2012. On a GAAP basis, quarterly pre-tax were $76.3 million, a 6% decline as compared to the third quarter of 2012. Ocwen's normalized pre-tax earnings for the period were $147.0 million, an 82% growth year-over-year. Ocwen incurred a total of $70.7 million in normalized expenses in the third quarter of 2013, while there were no normalizing items in the previous year.

The firm recorded revenues of $531.2 million, up 128% from $232.7 million reported a year before. Eight analysts estimated revenues of $591.85 million for the quarter.

In addition, Ocwen's board has authorized a $500 million common stock repurchase program.