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Thursday, April 26, 2007

Earnings Releases

by Tanta on 4/26/2007 10:39:00 AM

I've fought harder to log into Blogger this morning than Mr. Tan Man has to liquidate his shares. Sorry. You need a place to discuss the earnings releases? Here it is.

CR Update:
IndyMac profit slumps 34% as mortgage business takes hit

California mortgage lender IndyMac Bancorp said Thursday its first quarter profit fell 34% as mortgage profits took a hit from a shakeout in the subprime, or least creditworthy sector of the market. ... "With respect to mortgage banking revenue margins, the spread widening in the private mortgage-backed securities markets that occurred in the first quarter will continue to impact margins in the second quarter," IndyMac President Richard Wohl
Countrywide profit falls 37 pct, cuts forecast
Countrywide Financial Corp. on Thursday said first-quarter profit fell 37 percent and cut its 2007 earnings forecast, reflecting difficulties for the largest U.S. mortgage lender in a weakened housing market.
Beazer Homes swings to loss, withdraws `07 view
Beazer Homes USA Inc. swung to a fiscal second-quarter loss and backed off its 2007 profit forecast in the face of slumping housing prices, but the stock rose in early dealings Thursday.
"We continued to experience extremely challenging operating conditions," Chief Executive Ian McCarthy said in a statement. "Most housing markets across the country continue to experience lower levels of demand coupled with higher levels of inventory, resulting in increased competition and continued significant discounting."

He said that the company was "pleased" with its latest quarter's orders, but that so far this spring selling season it's "yet to see any meaningful evidence of a sustainable recovery in the housing market, and we expect current conditions will continue to put pressure on home builders' operating results."