News

Freddie Mac posts profit of $524 million in 1st quarter

MCLEAN, Va. – MCLEAN, Va. (AP) _ Freddie Mac (FMCC) on Tuesday reported first-quarter net income of $524 million, after reporting a loss in the same period a year earlier.

The McLean, Virginia-based company said it had profit of 7 cents per share. Earnings, adjusted for non-recurring costs, came to 67 cents per share.

The secondary mortgage market operator posted revenue of $3.9 billion in the period.

The company’s shares closed at $2.75. A year ago, they were trading at $3.98.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FMCC at http://www.zacks.com/ap/FMCC

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Keywords: Freddie Mac, Earnings Report, Priority Earnings