Walter Investment Management Corp. (WAC) reported that its fourth quarter GAAP net loss widened to $34.1 million or $0.98 per share from $3.9 million or $0.14 per share in the prior year quarter. The company specified that the results for the recent quarter reflect a charge of $48.6 million related to the loss incurred by the company on the early extinguishment of its debt.
Core earnings for the quarter was $22.5 million after taxes or $0.64 per share, up from $16.1 million or $0.56 per share in the same period last year.
Quarterly total revenue rose to $176.4 million from $155.9 million reported a year earlier.
Analysts polled by Thomson Reuters expect the company to earn $0.68 per share on revenues of $166.8 million for the quarter. Analysts' estimates typically exclude special items.
Adjusted EBITDA for the quarter was $64.1 million, reflecting increased cash flows from the residual trusts and a solid contribution by the Reverse Mortgage business. This compared to Pro-Forma Adjusted EBITDA of $55.0 million in the fourth quarter of 2011.
Looking ahead, the company anticipates 2013 Adjusted EBITDA in a range of $650 million to $725 million.
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