Hunt Valley-based PHH Corp. reported yesterday that it had earnings of 71 cents per share and $12 million in income from continuing operations in its third quarter, which ended Jan. 31. The corresponding prior-year figures were 90 cents and $15.2 million.
"Although the results were disappointing, the company's performance was as expected, considering the uncertainty in our major markets," said Chairman and Chief Executive Officer Robert D. Kunisch said. "Our businesses held their own in a very difficult economic environment.
"Our mortgage banking unit continues to post impressive gains, he added. "However, those results for the segment were diluted by the relocation and real estate asset management businesses, affected by the continued sluggishness of the U.S. domestic real estate market, and further impacted by the steep downturn in the United Kingdom's economy."
PHH provides a variety of services to corporate customers, including vehicle leasing and fleet management, aviation consulting and management relocation services.
Losses in Brazil and a restructuring charge pushed down this New York-based papermaking company's profits for its first fiscal quarter.
Just before the Jan. 31 end of its first quarter, Westvaco announced that it would take a $25 million charge to prepare itself for the recession.
Westvaco, which owns a paper mill in Luke in Western Maryland, said it has cut its capital expenditures and delayed purchases of new paper machines to conserve cash.
Excluding the special charge and the Brazilian operations' problems, sales and earnings were up slightly, the company said.