Walter Investment Management Q2 Profit Rises - Quick Facts

(RTTNews) - Walter Investment Management Corp. (WAC) reported that its second-quarter net income increased to $143.23 million or $3.75 per share, from $428 thousand or $0.01 per share, last year. Core earnings after tax was $178.4 million or $4.75 per share for the quarter.

The company said its second-quarter results reflected strong earnings growth in both the Servicing and Origination segments, as well as continued strong contributions from the Reverse segment and the company's other ancillary businesses.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $1.03 per share for the quarter. Analysts' estimates typically exclude special items. Total revenues rose to $569.23 million from $150.89 million, last year. The company said the year-over-year increase in revenue reflects a $168.6 million increase in net servicing revenue and fees and an increase of $235.9 million of net gain on sales of loans from the Originations segment. Analysts expected revenue of $374.77 million for the quarter.