Reply #93: After the Bell: Freddie Mac 1Q and 2Q net income slumps

[UpInArms]

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38595.6844339931-841041851&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Freddie Mac (FRE) reported a slump in first- and second-quarter profit late Wednesday as the mortgage-finance company tries to recover from accounting problems in 2003 that forced a $5 billion restatement. First-quarter net income came in at $875 million, or $1.19 per share, down from $1.31 billion, or $1.82 a share, a year earlier, the company said. Second-quarter net income was $769 million, or $1.03 per share, versus $2.75 billion, or $3.91 a share, in the same period a year ago, the company added. Freddie Mac was expected to earn $1.71 per share in the first quarter and $1.77 a share in the second quarter, according to a survey of analysts by Thomson First Call.