Altisource reports Q3 EPS (23c) vs (44c) last year

Reports Q3 revenue $40.53M vs $36.2M last year. “We had another solid quarter, demonstrating our resilience in a challenging market. We grew Service revenue both sequentially and year-over-year despite a 15% decline in serious delinquency rates, a 7% decline in foreclosure initiations and a 14% decline in foreclosure sales through August this year compared to the same period last year. For the quarter, we generated $38.2 million in Service revenue, a $4.0 million or 11.8% increase over the same period last year. This growth primarily reflects sales wins and represents our strongest quarterly Service revenue performance in twelve quarters. Compared to last quarter, Service revenue grew by $1.3 million or 3.5%, primarily from ramping sales wins,” said Chairman and Chief Executive Officer William Shepro.