Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Altisource Portfolio Q4 Profit Rises, Shares Up 10%

RELATED NEWS
Trade ASPS now with 

Mortgage investment company Altisource Portfolio Solutions S.A. (ASPS: Quote), Wednesday reported an increase in profit for the fourth quarter, reflecting strong growth at higher margin mortgage services segment. Following the announcement of results, Altisource shares are currently up ten percent on the Nasdaq.

Luxembourg-based Alticsource's fourth-quarter profit rose to $30.3 million or $1.20 per share from $25.73 million or $1.02 per share a year before.

Altisource said the bottom line growth was driven mainly by stronger service revenue growth in the higher margin mortgage services segment relative to the other segments.

Mortgage services segment rose to $92.0 million from $77.2 million last year, while financial services dropped to $14.9 million from $16.2 million last year. Technology services division advanced to $20.2 million from $15.0 million last year.

Altisource said total revenues grew to $141.1 million from $132.0 million last year.

Commenting on the results, Chief Executive William Shepro said, "2012 was a very strong year for Altisource. We focused on providing high quality services to our largest customer, Ocwen Financial Corporation, while intensifying our efforts on our strategic initiatives to diversify and expand our revenue base."

Altisource expects 2013 to be a strong year and 2014 to be even stronger, reflecting the growth recently experienced by Ocwen and its announced plans for future growth.

ASPS is currently trading at $91.44, up $7.58 or 9.04%.

Register
To receive FREE breaking news email alerts for Altisource Portfolio Solutions S.A. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame. India's economy grew faster-than-expected in the three months to June and at the strongest pace in two years, preliminary figures from the Central Statistics Office revealed Friday. Gross domestic product grew 5.7 percent in the April to June quarter, which exceeded economists' forecast for 5.5 percent expansion. The economy grew 4.6 percent in the previous three months. Eurozone inflation slowed as expected in August on falling energy prices giving room for the central bank to support demand and economic recovery without stoking inflation and help the region to create more jobs. The unemployment rate remained unchanged at an elevated level in July. Nonetheless, it was at the lowest since September 2012.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.