Altisource reports Q3 EPS adjusted 69c, one est. 55c
Reports Q3 revenue $204.6M, one est. $207M. The early benefits of Project Catalyst fueled earnings growth in the third quarter of 2018. Based upon a detailed analysis completed during the quarter, we established targeted annual run-rate cost savings between $65 million and $90 million with estimated one-time restructuring costs of between $25 million and $35 million. We are targeting to achieve more than half of the savings in 2019 with the full run-rate savings achieved in 2020. While there is a tremendous amount of work to achieve our targeted savings, Project Catalyst gives us greater confidence in our ability to grow Altisource's adjusted pre-tax earnings in 2019 and improve our adjusted operating margins compared to this year," said CEO William B. Shepro.