Go to Jeff Salisbury LWGate Home Page.From: "Tom Worley" <stkguru@bellsouth.net>
Subject: [CANSLIM] FNM earnings, credit losses
Date: Mon, 15 Apr 2002 08:33:55 -0400
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Since we just talked about it last night, . . .
Monday April 15, 7:02 am Eastern Time
Fannie Mae 1st Quarter Net $1.48/Share, Up 23% - Spokesman
(This story was originally published by Dow Jones Newswires)
Fannie Mae -
1st Quar :
2002 2001
Net income $1,208,600,000 $1,293,400,000
Avg shrs (diluted) a 1,001,700,000 b 1,006,300,000
Shr earns (diluted)
Net income a 1.17 b 1.25
a. Includes a loss of $111.6 million from the early extinguishment of debt.
b. Includes a loss of $54.3 million from the early extinguishment of debt
and a gain of $168 million from a change in accounting principle.
(This story was originally published by Dow Jones Newswires)
Fannie Mae's first quarter operating earnings rose 23% to $1.48 a diluted
share from $1.20 a diluted share a year earlier. The earnings topped a
Thomson Financial/First Call consensus estimate of $1.47 a share.
The giant mortgage-finance company, which is publicly traded but operates
under a government charter, said operating earnings exclude the cumulative
gain from the change in accounting principal from FAS 133. FAS 133 requires
companies to determine the market value of certain hedging devices.
Operating earnings also exclude the change in fair value of the time value
of purchased options. The figure includes the charge for amortization
expense of option premiums.
(This story was originally published by Dow Jones Newswires)
Looking ahead, Fannie Mae said residential mortgage debt will increase an
average of 8% to 10% a year during the current decade.
The company said it expects only a small increase in credit losses from
2001. On Jan. 14 , when it reported fourth quarter earnings, Fannie Mae said
even if credit losses were to double this year, it would shave less than one
percentage point off the company's 2002 earnings-per-share growth.
In 2001, credit-related losses, which reflect foreclosed property expense
plus charge-off recoveries, totaled $81.3 million.
A First Call survey of 23 analysts produced a consensus earnings estimate of
$ 6.13 a diluted share for the year.
Tom Worley
stkguru@bellsouth.net
AIM: TexWorley
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