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AHM Sees Higher Delinquencies.
MELVILLE, NY -- Despite seeing a rise in delinquencies during the period, American Home Mortgage Investment Corp. saw its earnings soar during the fourth quarter of 2006. The company said that revenue for the fourth quarter of 2006 was $257.7 million, up 71.3% from the revenue of $150.5 million for the fourth quarter of 2005. Net earnings for the fourth quarter were $64.7 million, up a whopping 287.5% from the net earnings of $16.7 million for the 2005 fourth quarter.
Revenue for American Home Mortgage for the full year of 2006 was $1.03 billion, up 42% from the adjusted revenue of $722.6 million for the full year of 2005. Net earnings for 2006 were $263.5 million, up 39.1% from adjusted net earnings of $189.4 million for 2005.
"The fourth quarter was highly successful for our company with earnings of $1.21 per diluted share," said Michael Strauss, CEO of American Home Mortgage, in a statement. "During the quarter, we added $1 billion of recently originated loans to our portfolio, which are carried at cost. Loan origination volume was a record $15.5 billion due to our company achieving a record market share of 2.48% of national originations."
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Source: HighBeam Research, AHM Sees Higher Delinquencies.