Lender Processing Services, Inc. (LPS) reported fourth quarter net income of $75.0 million, compared to $54.3 million in the prior year period. Adjusted net earnings for the quarter were $79.6 million or $0.82 per share, compared to $60.9 million or $0.64 per share in the prior year quarter.
Adjusted net earnings in the current quarter include an adjustment for purchase price amortization of $0.05 per share while the prior year quarter included a similar adjustment of $0.07 per share.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per share. Analysts' estimates typically exclude special items.
Processing and services revenues rose to $608.1 million from $474.0 million in the prior year quarter. Six Wall Street analysts expected revenues of $590.88 million.
Looking forward, for the first quarter, the company expects adjusted earnings in the range of $0.78-$0.80 per share. Street analysts expect earnings of $0.79 per share.
For the full year 2010, the company expects revenues to grow 8%-10% compared to 2009 and adjusted earnings to be in the $3.49-$3.56 per share.
Street analysts expect earnings of $3.46 per share for the full-year.
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