BNC Mortgage Expects Poor Quarter Earnings
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BNC Mortgage Inc., said Wednesday it expects third-quarter results to fall below analysts’ estimates, mainly because the company’s sub-prime loans to less-credit-worthy customers are commanding lower prices in the secondary market.
The Irvine finance company indicated its earnings will range between 2 and 5 cents a share for the three months ending March 31. Analysts had estimated earnings of 21 cents a share, according to a survey by First Call/Thomson Financial.
In the third quarter a year ago, BNC earned 12 cents a share, on revenue of $10.3 million.
BNC Mortgage said it believes that if trends continue, financial results for the year ending June 30 may also be negatively affected.
The company announced the gloomy projects after the stock market closed. Its shares closed at $9, off 13 cents, in Nasdaq trading.
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