Third-quarter profit at
New Century Financial
got cut in half, as the mortgage lender to people with poor credit histories saw a decline in loan production.
In the quarter, the California-based lender earned $63.5 million, or $1.12 a share, down from $117.5 million, or $2.04 a share, a year ago. Analysts, as surveyed by Thomson Financial, were looking for earnings of $1.89 a share.
New Century, which is organized as real estate investment trust, declared a fourth-quarter dividend of $1.90 a share. The full-year dividend payout is $7.30 a share.