NEW YORK (AP) -- Loan servicing company Ocwen Financial said Thursday that its fourth-quarter net income grew more than sixfold as it made more money from servicing and subservicing fees.
The Atlanta company's revenue beat Wall Street's view, and it said it is well positioned for an eventual housing market recovery as delinquencies drop. Shares rose more than 3 percent in afternoon trading.
Ocwen earned $65.2 million, or 47 cents per share, for the three months ended Dec. 31. That's up sharply from $9.7 million, or 8 cents per share, a year ago.
Analysts surveyed by FactSet expected earnings of 50 cents per share.
Revenue increased 51 percent to $236.4 million from $156.6 million. Wall Street forecast $231.3 million in revenue.
Ocwen's stock gained $1.44, or 3.8 percent, to $39.23. The shares have traded in a 52-week range of $14.40 to $41.87.
Revenue from servicing and subservicing fees rose to $226 million from $147.9 million. The company's revenue performance was helped by the $750 million acquisition of Homeward Residential Holdings. It also closed on the acquisition of the mortgage business of Residential Capital after the quarter finished.
Ocwen completed 23,926 loan modifications in the quarter, including Homeward's contribution.
For the year, Ocwen Financial Corp. earned $180.8 million, or $1.31 per share. In 2011 the company earned $78.3 million, or 71 cents per share.
Full-year revenue soared 70 percent to $845 million from $495.9 million.