Countrywide Q3 Profit Drops 47 Percent

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009660-countrywide-q3-profit-drops-47-percent/

CALABASAS, CA – Countrywide Financial Corp on Wednesday said third-quarter net income fell 47 percent from a year ago as a considerable drop in refinancings and a shift to less profitable adjustable rate loans pressured earnings in the company’s key mortgage banking segment.

The financial services company reported net income of 94 cents per share, down from last year’s record $1.93 per share, and well below analysts’ estimate of $1.01 per share. The company also guided earnings estimates lower, putting full-year profit in the range of $3.75 to $4.00 per share, well below the current estimate of $4.15 per share carried by analysts surveyed by Thomson First Call.

Shares fell sharply in pre-market trading on the New York Stock Exchange, dropping more than 7 percent to $34.82.

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Countrywide Q3 Profit Drops 47 Percent

Unknown Author

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