Stonegate misses profit mark despite revenue jump

Stonegate Mortgage Corp. saw big increases in revenue and profit in the second quarter, but the financial performance didn’t hit the expectations of analysts.

The Indianapolis-based non-bank mortgage company on Thursday morning reported second-quarter profit of $11.1 million, or 43 cents per share, compared with a gain of $268,000, or 1 cent per share, in the second quarter of 2014.

On an adjusted basis, Stonegate lost $938,000, or 4 cents per share, during the quarter, down from $7.4 million, or 29 cents per share, in the year-ago period.

Three analysts surveyed by Zacks Investment Research expected earnings of 20 cents per share.
The company posted revenue of $87.4 million in the period, up 52 percent from $57.6 million a year ago.

Mortgage loan origination volume increased to $3.44 billion, up 21 percent from the first quarter and 4 percent from the same quarter of 2014.

Stonegate shares slipped 1.5 percent in early-morning trading, to $9.25 each. The stock is down more than 21 percent since the beginning of the year and 31 percent over the past 12 months.

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