PennyMac: 3Q Earnings Snapshot

WESTLAKE VILLAGE, Calif. (AP) _ PennyMac Financial Services Inc. (PFSI) on Thursday reported third-quarter net income of $14.5 million.

On a per-share basis, the Westlake Village, California-based company said it had profit of 57 cents.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

The mortgage banking and investment management company posted revenue of $250.9 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $232.1 million.

PennyMac shares have dropped 7.5 percent since the beginning of the year. The stock has increased 11 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFSI at https://www.zacks.com/ap/PFSI