WESTLAKE VILLAGE, Calif. (AP) _ PennyMac Mortgage Investment Trust (PMT) on Thursday reported third-quarter net income of $70 million.
The Westlake Village, California-based company said it had profit of 71 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The specialty finance company posted revenue of $130.8 million in the period.
PennyMac Mortgage shares have increased 23% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $22.88, an increase of 18% in the last 12 months.