AlenCiken

Ocwen Soars on Net Income; Plans Reverse Split

NYSE:OCN   Ocwen Financial Corporation NEW
The Company reported a net income of $2.0 million and a pre-tax loss of $6.2 million for the three months ended June 30, 2020, compared to a net loss of $89.7 million and a pre-tax loss of $84.3 million for the three months ended June 30, 2019.

Adjusted pre-tax income was $18 million for the quarter compared to a $27 million adjusted pre-tax loss in the prior year period.

the company also said Thursday that it expects to conduct a 1-for-25 reverse stock split effective in early August. A shareholders’ advisory vote in May approved the transaction.

Based on the second-quarter results, Ocwen expects to post annualized pretax income of $31 million this year.

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