Altisource 4Q earnings jump 53%
Altisource (ASPS) earned $25.7 million in the fourth quarter, a 53% increase from $16.8 million a year earlier on improved operating margins.
The Luxembourg-based company, which provides services and technology for real estate and mortgage portfolios, brought in $1.02 a share compared with 64 cents a share in the fourth quarter 2010.
Revenue at the former Ocwen (OCN) subsidiary increased roughly 44% to $132 million from $91.5 million the prior year. Altisource said improved operating margins reflected higher growth in its mortgage services segment than in corporate costs, which the company did not provide in its fourth-quarter report.
For all of 2011, Altisource's earnings surged 44% to $71.1 million, or $2.77 a share, from $49.3 million, or $1.88 a share, in 2010.
Assets totaled $224.2 million as of Dec. 31, 2011, up from $197.8 million a year earlier. Liabilities increased to $55.4 million from $41.7 million.