E-Loan Jumps After it Posts Profit

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E-Loan (EELN) was up 40.5% in midmorning after it posted a third-quarter pro forma profit of 1 cent per share, ahead of the year-ago loss of 16 cents. On a net basis, the company posted a third-quarter loss of about $9 million vs. a loss of $23 million a year earlier.

The online mortgage company cited growth in its business, with revenue rising to $16.9 million from $9 million a year ago.

E-Loan also raised its fourth-quarter revenue estimate to $18 million from $16.5 million and its earnings guidance from pro forma break-even to a pro forma profit of $1 million. The company said it expects continued growth in 2002.