![]()
| As of Friday, November 27th: |
LATEST EARNINGS RESULTS
- Global Selloff From Dubai Shows Signs of Winding Down
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Tiger Woods Out of Hospital After Accident
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Dubai's Debt Woes Signal New Era for Creditors
- Get Paid Six Figures to Wear a T-Shirt?
- The World's Biggest Debtor Nations
- Five Tips for Buying a Foreclosed Home
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
MOST SHARED
- Tiger Woods Out of Hospital After Accident
- The Good Entrepreneur Winner
- Get Paid Six Figures to Wear a T-Shirt?
- Dubai Spooks Investors But May Bring Buying Opportunity
- Global Selloff From Dubai Woes Shows Signs of Winding Down
- Longer Lines, Fuller Carts This Black Friday
- Halftime Report: Dubai - First Ripple Of Larger Crisis?
- 8 Retailers that Gain During the Holidays
- Next Week: Cash In Now Or Wait For A Santa Rally?
Washington Mutual reported a larger-than-expected loss and a steep decline in revenue. WaMu, the largest U.S. savings and loan, posted a $3.33 billion second-quarter loss, boosting its reserve for loan losses as the number of soured mortgages soared.
![]() |
Click for more earnings info |
The net loss equaled $6.58 per share, reflecting a one-time adjustment related to the Seattle-based thrift's $7.2 billion capital issuance in April.
Excluding that change, Washington Mutual said it lost $3.34 per share, compared with a profit of $830 million, or 92 cents per share, a year earlier.
Washington Mutual set aside $5.91 billion for loan losses, and said net charge-offs totaled $2.17 billion.
The thrift also said it expects cumulative residential mortgage loan losses to be "toward the upper end" of the $12 billion to $19 billion range it had forecast in April.
Some analysts had predicted the losses might end up higher.
"In the face of unprecedented housing and mortgage market conditions, we are continuing to execute on a comprehensive plan designed to ensure that we have strong capital and liquidity, an appropriately-sized expense base and a strong, profitable retail franchise," Chief Executive Kerry Killinger said in a statement.
Washington Mutual also said that Killinger, Chief Operating Officer Steve Rotella and Chief Financial Officer Tom Casey will not receive annual incentive payments under a company bonus plan, in light of the thrift's performance this year.
Shares of WaMu [WM
Loading...
()
] fell 21 cents to $5.61 in after-hours electronic trading. They closed regular trading up 34 cents at $5.82 on the New York Stock Exchange.
The shares lost 52 percent during the quarter to end the period at $4.93. The stock is down about 56 percent year to date.
WaMu became one of the first retail banks to seek outside cash in the wake of the credit crisis when it agreed to sell equity securities to an investment fund managed by TPG Capital and to other investors this spring.
During the quarter, WaMu also announced plans to exit the wholesale lending business and close all remaining standalone home loan centers. WaMu said it will instead focus its mortgage-originating efforts in its retail bank branches and Web site, and by expanding its call center operations.
- Wire services contributed to this story.
- TiVo Reports Quarterly Loss but Matches Forecasts
TiVo announced a quarterly loss that matched analysts' forecasts, but its sales topped expectations.
- Hewlett-Packard Profit Rises, Matches Guidance
Hewlett-Packard said a strong performance in China and improved profit margins in its services business helped drive quarterly earnings 14 percent higher.
- Analog Devices Results Beat Expectations; Shares Rise
Analog Devices reported a quarterly profit that fell from a year ago but topped Wall Street's expectations, sending shares higher in extended trading.
- TiVo Reports Quarterly Loss but Matches Forecasts
- Tyson Food Profit Beats Estimates
Tyson Foods posted higher-than-expected quarterly results on Monday on strength in its beef, pork and prepared foods businesses, which it expects to continue in its new fiscal year.
- Tyson Food Profit Beats Estimates
- Horton Results Miss Estimates, Shares Drop
- Dell Shares Smacked as Earnings, Sales Miss Forecasts
- Gap Reports Earnings in Line With Forecasts
- Intuit Posts Narrower-Than-Expected Loss
- Sears Posts Second Consecutive Quarterly Loss
- BJ's Wholesale Profit Falls, Hurt by Falling Food Prices
- Salesforce Profit Beats Forecasts, but Shares Fall
- Autodesk Shares Fall on Disappointing Outlook
- Home Depot Profit Beats; Says Markets Under Pressure
- Target Third Quarter Profit Up, Cautious on Fourth
- Weak US Housing Market Drags on Lowe's Profit
- JC Penney Profit Falls, but Shares Up on Forecast
- Disney Profit, Sales Top Forecasts; Shares Jump
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
- Wal-Mart Holiday Forecast Light, Profit Beats








