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PennyMac Mortgage Investment Trust First Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag

PennyMac Mortgage Investment Trust (NYSE:PMT) First Quarter 2024 Results

Key Financial Results

  • Revenue: US$102.4m (down 55% from 1Q 2023).

  • Net income: US$37.2m (down 26% from 1Q 2023).

  • Profit margin: 36% (up from 22% in 1Q 2023). The increase in margin was driven by lower expenses.

  • EPS: US$0.43 (down from US$0.56 in 1Q 2023).

earnings-and-revenue-growth
earnings-and-revenue-growth

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%.

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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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.