PennyMac Mortgage Investment Trust First Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag

PennyMac Mortgage Investment Trust (NYSE:PMT) First Quarter 2024 Results

Key Financial Results

• Revenue: US$102.4m (down 55% from 1Q 2023).
• Net income: US$37.2m (down 26% from 1Q 2023).
• Profit margin: 36% (up from 22% in 1Q 2023). The increase in margin was driven by lower expenses.
• EPS: US$0.43 (down from US$0.56 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

PennyMac Mortgage Investment Trust EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 24%.

Looking ahead, revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Mortgage REITs industry in the US are expected to grow by 34%.

Performance of the American Mortgage REITs industry.

The company's shares are up 6.6% from a week ago.

Risk Analysis

What about risks? Every company has them, and we've spotted 3 warning signs for PennyMac Mortgage Investment Trust (of which 1 is significant!) you should know about.

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