logo
Share SHARE
FONT-SIZE Plus   Neg

Altisource Portfolio Q4 Profit Rises, Shares Up 10%

Mortgage investment company Altisource Portfolio Solutions S.A. (ASPS), 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%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT