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Updated from 12:19 p.m. EDT
IndyMac Bancorp(IMB Quote) swung to a steep first-quarter loss and provided a darkened outlook for the full-year as the company continues to battle a tight credit market.
The independent mortgage lender posted a net loss of $184.2 million, or $2.27 a share, vs. a net profit of $52.4 million, or 70 cents a share, in the year ago period.
The results were much worse than the consensus expectation of a 98-cent-a-share loss prior to IndyMac's prewarning earlier this month, in which it said business was improving from the fourth quarter's loss of $509 million, or $6.43 a share. Analysts polled by Thomson Reuters were expecting a loss of $1.92 a share after the warning. ...
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