Granite Point Mortgage Q1 2024 Adj EPS $0.03, Inline, Sales $12.523M Miss $15.263M Estimate
Portfolio Pulse from Benzinga Newsdesk
Granite Point Mortgage (NYSE:GPMT) reported Q1 2024 earnings of $0.03 per share, meeting consensus estimates but marking an 85% decrease from the previous year. Sales were $12.523M, missing estimates by 17.95% and showing a 45.35% decrease from the previous year.
May 07, 2024 | 10:46 pm
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Granite Point Mortgage reported Q1 2024 earnings of $0.03 per share, in line with estimates but significantly lower than last year's $0.20. Sales fell to $12.523M, missing expectations and down 45.35% YOY.
The reported earnings and sales miss, especially with such a significant year-over-year decline, is likely to negatively impact investor sentiment towards GPMT in the short term. The alignment with EPS estimates may provide some stability, but the substantial decrease in earnings and missed sales targets indicate underlying challenges that could pressure the stock.
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