PennyMac Q3 2024 net income $69.4M ($1.30 EPS); production triples but servicing posts loss

PennyMac Financial Services, Inc.

2024-Q3 EPS reported $3.88 revenue$22,786,000

Net income $69.4M ($1.30 diluted EPS) on revenue $411.8M; book value per share rose to $72.95 from $71.76.
Production pretax income surged to $107.9M from $41.3M QoQ on 93% jump in consumer direct IRLCs.
Servicing segment pretax loss $14.6M vs $88.5M income prior quarter, driven by $160.4M net MSR valuation decline.
Loan acquisitions and originations $31.7B UPB (+17% QoQ, +26% YoY); servicing portfolio grew to $648.1B UPB.
Board declares $0.30/share dividend payable Nov 27; management guides annualized operating ROE high-teens to low-twenties.

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