Countrywide Stock Falls On Data
Countrywide Financial Corp. reported today net earnings of $343 million for the fourth quarter of 2004, a 39% drop compared to net earnings of $564 million in the same quarter of 2003. The stock is off its lows this morning, initially down more than 7%.
Quarterly earnings per share were 56 cents, down from last year’s fourth quarter earnings of 94 cents. Thomson First Call had predicted earnings of 81 cents. Gross loan production was $363 billion for the year, a 17 percent drop from 2003. The company blamed a 39 percent decrease in refinance volume for the decrease in earnings.