PennyMac Mortgage Q1 2024 GAAP EPS $0.39 Beats $0.32 Estimate, Sales $74.205M Miss $85.366M Estimate
Portfolio Pulse from Benzinga Newsdesk
PennyMac Mortgage (NYSE:PMT) reported Q1 2024 earnings of $0.39 per share, surpassing the $0.32 estimate, but sales of $74.205M fell short of the $85.366M forecast. This represents a 22% decrease in earnings and a 17.88% decrease in sales from the same period last year.
April 24, 2024 | 9:40 pm
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PennyMac Mortgage reported higher than expected Q1 2024 EPS at $0.39 but missed sales estimates, with a year-over-year decrease in both earnings and sales.
While PennyMac Mortgage's EPS beat may initially seem positive, the miss on sales forecasts and the year-over-year decline in both earnings and sales could temper investor enthusiasm. The mixed results present a neutral outlook in the short term as the positive EPS surprise is offset by the sales miss and overall decline in performance compared to the previous year.
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