PHH Slips To Q1 Loss

(RTTNews) - PHH Corp. (PHH) reported a net loss for the first quarter of of $42 million or $0.73 per basic share, compared to net income of $52 million or $0.79 per share for the year-ago quarter.

Core loss for the first quarter was $18 million or $0.32 per share, compared to core earnings of $12 million or $0.21 per share in the prior year quarter.

Net revenue for the first quarter fell to $517 million from $730 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.22 per share on revenue of $598.63 million for the first quarter.