Ocwen reports Q1 EPS $3.74, consensus $1.19

Reports Q1 revenue $239.1M, consensus $270.37M. CEO Glen Messina said, “We reported strong results in Q1 with growth in net income and adjusted pre-tax income quarter over quarter, driven by the strength of our balanced business and operational performance in both our servicing and originations segments. Our strategy of capital-light growth has enabled us to steadily grow our subservicing portfolio through new client acquisitions and capital partner relationships. Our actions to increase shareholder value resulted in improved return on equity and book value per share both on a sequential quarter and year over year basis. Additionally, we made significant progress on our deleveraging objective by reducing corporate debt by $47M. We are excited about our previously announced plans to rebrand Ocwen to Onity Group, reflecting the evolution of our company and the confidence we have in our business, capabilities and team. We are pleased with how we have started the year, and we believe we have a strong foundation with demonstrated capabilities to accelerate growth through interest rate cycles.”