Industry News

Countrywide earnings jump 83%

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Countrywide Financial Corp. today announced net earnings of $700 million for the second quarter of 2004. That's an increase of 83 percent over net earnings of $383 million in the second quarter of 2003. Earnings per diluted share were $2.24, up 64 percent from last year's second-quarter earnings per share of $1.37. Total loan production volume was $100 billion for the quarter, down 23 percent from the comparable quarter last year. That was a result of a 45 percent decline in refinance volume. Purchase volumes, however, rose 40 percent from the second quarter of 2003 to a record $46 billion. The company's portfolio rose to a record $726 billion, up $81 billion from the beginning of the year. "During a quarter with transitional market conditions, Countrywide delivered solid results," said chairman and CEO Angelo R. Mozilo. "Diluted earnings per share were $2.24, our second best quarter on record. This demonstrates Countrywide's ability to execute its strategic plan, prudently manag...