Stonegate Mortgage quarterly results top expectations

Stonegate Mortgage Corp. reported quarterly earnings that exceeded analyst expectations Wednesday, but its revenue fell well short of predictions.

The Indianapolis-based firm lost $11.1 million, or 43 cents per share, in the quarter, compared with a loss of $7.9 million, or 31 cents per share, in the first quarter of 2014.

Earnings, adjusted for one-time gains and costs, came to 17 cents per share, topping the expectation of 10 cents per share predicted by analysts surveyed by Zacks Investment Research.

Stonegate brought in revenue of $44.3 million in the period, up 16 percent from a year ago, but the amount missed analyst expectations of $79.9 million.

Stonegate shares closed at $10.29 Wednesday before the earnings report, down 2.4 percent on the day.
 

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