PennyMac: Q1 Earnings Snapshot

WESTLAKE VILLAGE, Calif. (AP) — WESTLAKE VILLAGE, Calif. (AP) — PennyMac Financial Services Inc. (PFSI) on Wednesday reported first-quarter net income of $39.3 million.

The Westlake Village, California-based company said it had profit of 74 cents per share. Earnings, adjusted for one-time gains and costs, came to $2.48 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.34 per share.

The mortgage banking and investment management company posted revenue of $305.7 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $422.9 million.

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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