This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PHH Corporation Announces Fourth Quarter And Full-Year 2011 Results

PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) today announced financial results for the quarter and year ended December 31, 2011.

For the quarter ended December 31, 2011, the Company reported GAAP net income of $13 million or $0.22 per share. Core earnings (after-tax) for the quarter ended December 31, 2011, was $55 million, or $0.98 per share, an increase of 224% over the fourth quarter 2010. For the year ended December 31, 2011, PHH Corporation reported a GAAP net loss of $127 million or $2.26 per share. Core earnings (after-tax) for the year ended December 31, 2011, was $182 million, or $3.23 per share, an increase of 9% over the prior year.*

Core earnings (after-tax) and Core earnings per share are financial measures that are not in accordance with GAAP and are designed to measure the Company’s financial performance excluding unrealized changes in value of Mortgage Servicing Rights (MSR) that are based upon projections of expected future cash flows. Core earnings (after-tax) and Core earnings per share also exclude realized and unrealized changes in fair value of derivatives related to the MSR, if any. See the Note Regarding Non-GAAP Financial Measures below for a detailed description of these and certain other non-GAAP financial measures and reconciliations of such non-GAAP financial measures to their most directly comparable GAAP financial measures as required by Regulation G.

“We delivered solid core earnings performance in the fourth quarter,” said Glen A. Messina, president and CEO of PHH Corporation. “In our Mortgage business, we took advantage of elevated levels of both volumes and priced-in margins while maintaining the quality of our mortgage servicing portfolio. Our continued focus on fee-based services in our Fleet Management segment continues to reap benefits and drive improvement in our ROE.

“Going forward we are focusing on four key strategies: disciplined growth in our franchise platforms; industry leading operational execution; an unwavering commitment to customer service; and in the near term, an emphasis on liquidity, cash flow generation and deleveraging the balance sheet. These strategies are intended to maximize shareholder value by making PHH more efficient from both an operating and financial perspective while leveraging our scale and franchise to improve profitability.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs