Altisource (ASPS: Quote) posted an increase in its first-quarter net income attributable to the company to $25.23 million or $1.02 per share from $14.82 million or $0.57 per share a year earlier. On average, 2 analysts polled by Thomson Reuters expected earnings per share of $0.81 for the quarter. Analysts' estimates typically exclude one-time items.
Service revenue was $108.5 million for the three months, a 51% increase compared with $71.73 million last year. The year-over-year growth in net income and service revenue is mainly from the increase in Ocwen's residential loan servicing portfolio, impacting the Mortgage Services and Technology Services segments, coupled with the ongoing expansion of mortgage and real estate portfolio management services within the Mortgage Services segment.
by RTT Staff Writer
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