Nationstar Mortgage Holdings Inc. (NSM) reported first-quarter net income of $62.6 million or $0.70 per share, compared to $50.2 million or $0.67 per share, last year. Pro forma profit per share was $0.85, after adjusting for $22 million in platform ramp expenses specifically related to the previously announced acquisition of $215 billion in servicing unpaid principal balance from Bank of America.
Nationstar's revenue grew to $431.1 million from $164.1 million last year.
The company expects fiscal 2013 profit per share in the range of $4.05-$4.75, and fiscal 2014 profit per share in the range of $6.45-$7.50.
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