TAMPA — Stock in Walter Investment Management tumbled more than 12 percent, closing at $24.75 Monday after the Tampa-based mortgage financing company reported disappointing earnings.
Walter posted adjusted net income for the second quarter of $45 million, or $1.19 per diluted share, compared to $88.6 million, or $2.36 per share, in the year-ago quarter. That figure, which missed Wall Street estimates by 5 cents a share, includes a goodwill adjustment of $82 million among other tax adjustments.
Without the adjustments, Walter had a net loss of $12.9 million, or 34 cents per share, compared with net income of $143.2 million, or $3.75 per share a year ago.
Revenue totaled $414 million, down 31 percent from the second quarter of 2013.
Last week, Walter announced the retirement of executive vice president and chief operating officer Keith Anderson. Anderson is staying in his current post for 90 days during a search for a successor and will continue in a company consulting role for a year.
Walter Investment Management is an asset manager, mortgage servicer and originator with more than 6,600 employees.