PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) today announced financial results for the three and nine month periods ended September 30, 2012.
For the quarter ended September 30, 2012, the Company reported net loss attributable to PHH Corporation of $42 million or $0.74 per share. Core earnings (after-tax)* and core earnings per share* for the quarter ended September 30, 2012, were $42 million and $0.74, respectively. These results include a $13 million pre-tax loss ($0.14 per share after tax) related to the early repayment of our 2013 medium term notes. Tangible book value per share* was $24.82 at September 30, 2012.
Glen A. Messina, president and CEO of PHH Corporation, said, “In the third quarter, we delivered solid performance and progress in the execution of our four key strategies: disciplined growth in our franchise platforms, operational excellence, an unwavering commitment to customer service, and liquidity and cash flow generation and deleveraging. The continued execution on these strategies should maximize value for our shareholders by positioning us for growth and making us a more competitive, more profitable, and more capital-efficient company.”
Messina added, “Mortgage loan origination volume and applications in our retail platforms remain at high levels, and our retail platforms represented 87% of total mortgage closings in the quarter. We see significant growth opportunities through both increased penetration of our existing clients and expansion of our client base. Our mortgage model is well-positioned for current trends, and we believe the industry is evolving toward our strengths. Meanwhile, Fleet continued to provide recurring segment profit and operating cash flow in the quarter. We also made significant progress on our liquidity and financing objectives in that we fully repaid our 2013 unsecured debt maturity with the combination of the proceeds of a successful debt offering and cash on hand, and we closed the third quarter with $677 million in unrestricted cash and cash equivalents.”