PennyMac Mortgage Investment Trust (PMT) Q1 FY2024 earnings: revenue $74 million, down 17.9% on the year

PennyMac Mortgage Investment Trust (PMT) reported revenue of $74 million for Q1 FY2024, the quarter ended 31 March 2024, down 17.9% on the same quarter a year earlier. Net income was $48 million, down 21.6% on the year, and diluted earnings per share $0.39. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$74 milliondown 17.9%

Net income$48 milliondown 21.6%

Diluted EPS$0.39

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	74.2	84.8	n/a	n/a
Operating income	32.4	40.3	n/a	n/a
Operating margin	43.6%	47.6%	n/a
Interest expense	172	186	n/a	n/a
Pre-tax income	32.4	40.3	n/a	n/a
Income tax	-15.2	-12.6	n/a	n/a
Effective tax rate	-47.0%	-31.2%	n/a
Net income	47.6	52.9	n/a	n/a
Net margin	64.2%	62.4%	n/a
Diluted EPS	$0.39	$0.46	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-342	533	n/a	n/a
Cash from investing	771	-82.2	n/a	n/a
Cash from financing	-583	-406	n/a	n/a
Share-based compensation	1.4	1.8	n/a	n/a
Buybacks	0.0	1.5	n/a	n/a
Dividends paid	34.8	34.8	n/a	n/a
Dividend per share	$0.40	n/a	n/a	n/a
Diluted shares, weighted	111m	112m	n/a	n/a
Shares outstanding at period end	87m	87m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,959	1,957	n/a	n/a
Debt	3,481	3,511	n/a	n/a
Other liabilities	6,853	7,646	n/a	n/a
Total liabilities and equity	12,294	13,114	n/a	n/a
Investments	343	128	n/a	n/a
Cash and equivalents	127	281	n/a	n/a
Other assets	11,824	12,704	n/a	n/a
Total assets	12,294	13,114	n/a	n/a

Questions

What was PennyMac Mortgage Investment Trust's revenue in Q1 FY2024?

PennyMac Mortgage Investment Trust (PMT) reported revenue of $74 million for Q1 FY2024, the quarter ended 31 March 2024, down 17.9% on the same quarter a year earlier.

How much did PennyMac Mortgage Investment Trust earn in Q1 FY2024?

Net income for Q1 FY2024 was $48 million, down 21.6% on the year, and diluted earnings per share $0.39.

When did PennyMac Mortgage Investment Trust report Q1 FY2024 results?

PennyMac Mortgage Investment Trust filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 2 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	163	84.8	74.2	71.2	80.9	108	44.5	70.2	99.2	93.6	82.1	72.7
Operating income	118	40.3	32.4	28.6	26.5	55.1	-6.3	17.0	47.0	36.1	26.9	16.8
Operating margin	72%	48%	44%	40%	33%	51%	-14%	24%	47%	39%	33%	23%
Interest expense	184	186	172	172	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	118	40.3	32.4	28.6	26.5	55.1	-6.3	17.0	47.0	36.1	26.9	16.8
Tax rate	48%	-31%	-47%	11%	-56%	16%	n/a	56%	-24%	-45%	8%	-84%
Net income	61.4	52.9	47.6	25.4	41.4	46.5	9.7	7.5	58.3	52.4	24.6	30.9
Net margin	38%	62%	64%	36%	51%	43%	22%	11%	59%	56%	30%	43%
Diluted EPS	$0.51	$0.46	$0.39	$0.17	$0.36	n/a	-$0.01	-$0.04	$0.55	$0.49	$0.16	$0.23
Operating cash flow	63.6	533	-342	244	-984	-1,621	-594	-2,016	-1,298	-3,306	-2,529	-2,939
Buybacks	0.0	1.5	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	34.8	34.8	34.8	34.8	34.9	34.9	34.8	34.8	34.8	34.8	34.8	34.9
Shares outstanding	87m	87m	87m	87m	87m	87m	87m	87m	87m	87m	87m	87m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0000950170-24-052125: the filing on EDGAR. All of PennyMac Mortgage Investment Trust's filings: EDGAR company page.

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