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PHH 1Q profit doubles on spike in refinancing activity
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MT. LAUREL, N.J. - PHH Corp.'s first-quarter earnings doubled as refinancing activity boosted revenue, the mortgage originator and fleet management company said Friday.
Net income soared to $30 million, or 55 cents per share, from $15 million, or 27 cents per share, in the year-ago period.
Revenue rose 8 percent to $642 million from $596 million last year. Mortgage closings rose 6 percent to $10 billion, as refinancings spiked 41 percent. Fleet management revenue fell slightly to $448 million.
PHH shares added 8 cents to $19.21 in morning trading.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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