The company says it expects to "at least double" its November earnings estimate of $0.20-$0.30 per share based on net income of $1.6 million and $2.4 million. The news sent American Residential Investment's share price up sharply in morning trading. The company's share price stood at $3.39 in afternoon trading, up $0.64 on the day.
"The expected increase in consolidated earnings for the quarter is being driven by better than expected gross margins and strong productivity throughout AmNet's network of regional centers," says company CEO John M. Robbins, Jr.
Indeed, the company also increased its expectations of fourth quarter mortgage loan fundings to approximately $1.8 billion through its subsidiary, American Mortgage Network. This funding level would bring total volume for 2002 to approximately $4 billion.
The Company plans to report fourth quarter financial results in early February.
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