Mover! NCEN 20.78 +1.48 est. to earn 1.95 vs .81 this Q! ^.75 to 6.85 this year!!! Earnings after the close today: Reuters Company News
New Century affirms 2002 profit to rise three fold
Tuesday October 8, 7:16 am ET
IRVINE, Calif., Oct 8 (Reuters) - Mortgage lender New Century Financial Corp. (NasdaqNM:NCEN - News) on Tuesday said it still expects earnings this year to rise about three-fold from 2001, as the lowest interest rates in a generation fuel a boom in home loans.
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New Century, which specializes in mortgages for borrowers with poor credit histories, said it expects to earn $6.75 to $6.85 per share in 2002. That is up from $2.28 per share in 2001 and is generally in line with the average Wall Street analyst's estimate of $6.79 per share, according to research firm Thomson First Call.
"Our strong production together with favorable secondary market conditions has provided the company with record earnings results for this recent quarter," New Century Chairman and Chief Executive Robert Cole said in a statement.
For the third quarter, ended last month, analysts have been expecting New Century's earnings to more than double to $1.95 per share from 81 cents per share the year before, according to First Call. The Irvine, California, company will report its quarterly results on Oct. 17.
New Century shares closed Monday at $19 on Nasdaq.
This could move bigtime yet today....tuna |
