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.