WASHINGTON - Fannie Mae (OTCQB: FNMA (ST:FNMA)) announced its financial results for the first quarter of 2024, revealing a revenue figure that fell short of analyst expectations. The mortgage finance giant reported revenue of $7.1 billion, which did not meet the consensus estimate of $7.68 billion. Despite this, the company's earnings per share (EPS) for the quarter were $0.00, aligning exactly with analyst projections.
The reported revenue signifies a downturn from the analyst consensus, highlighting a gap in expected financial performance. However, the company's ability to match the EPS estimate indicates a neutral stance in its earnings capability. The financial results were detailed in Fannie Mae's First Quarter 2024 Form 10-Q, which was filed with the Securities and Exchange Commission and is available on the company's website.
Fannie Mae, a key player in the housing finance sector, facilitates the availability of the 30-year fixed-rate mortgage, promoting equitable and sustainable access to homeownership and quality rental housing across the United States. Despite the revenue shortfall, the company remains committed to driving responsible innovation in the housing market to make the process of buying and renting homes easier and more accessible.
The company did not provide guidance for the upcoming quarter or fiscal year, nor was there an analyst consensus available for future guidance comparison. Additionally, there was no stock movement percentage provided, indicating that the market's reaction to the earnings report was not significant enough to warrant a notable change in stock price.
In response to the first quarter results, a spokesperson for Fannie Mae stated, "Our commitment to facilitating homeownership and quality rental housing remains unwavering, even as we navigate through the financial ebbs and flows of the market."
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