PennyMac Mortgage Investment Trust (NYSE:PMT) First Quarter 2024 Results
Key Financial Results
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Revenue: US$102.4m (down 55% from 1Q 2023).
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Net income: US$37.2m (down 26% from 1Q 2023).
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Profit margin: 36% (up from 22% in 1Q 2023). The increase in margin was driven by lower expenses.
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EPS: US$0.43 (down from US$0.56 in 1Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
PennyMac Mortgage Investment Trust EPS Beats Expectations, Revenues Fall Short
Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 24%.
Looking ahead, revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Mortgage REITs industry in the US are expected to grow by 34%.
Performance of the American Mortgage REITs industry.
The company’s shares are up 6.6% from a week ago.
Risk Analysis
Before you take the next step you should know about the 3 warning signs for PennyMac Mortgage Investment Trust (1 makes us a bit uncomfortable!) that we have uncovered.
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