Compared to Estimates, PennyMac (PFSI) Q3 Earnings: A Look at Key Metrics
For the quarter ended September 2023, PennyMac Financial (PFSI) reported revenue of $400.31 million, down 16% over the same period last year. EPS came in at $1.77, compared to $2.46 in the year-ago quarter.
The reported revenue represents a surprise of -0.38% over the Zacks Consensus Estimate of $401.83 million. With the consensus EPS estimate being $1.57, the EPS surprise was +12.74%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how PennyMac performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Fulfillment fees from PennyMac Mortgage Investment Trust: $5.53 million versus $10.84 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -70% change.
Revenue- Loan origination fees: $37.70 million compared to the $36.98 million average estimate based on three analysts. The reported number represents a change of +10.8% year over year.
Revenue- Net gains on loans held for sale at fair value: $151.37 million versus the three-analyst average estimate of $156.83 million. The reported number represents a year-over-year change of -10.3%.
Revenue- Net interest income: $9.69 million compared to the -$1.65 million average estimate based on three analysts.
Revenue- Net loan servicing fees: $185.37 million versus the two-analyst average estimate of $181.57 million. The reported number represents a year-over-year change of -24%.
Revenue- Management fees: $7.18 million versus $7.05 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -7.2% change.
Revenue- Other: $3.46 million versus $3.68 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -5.1% change.
View all Key Company Metrics for PennyMac here>>>
Shares of PennyMac have returned -4.4% over the past month versus the Zacks S&P 500 composite's -3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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PennyMac Financial Services, Inc. (PFSI) : Free Stock Analysis Report
