New Century Financial Raises 2002 Outlook
Bloomberg News
New Century Financial Corp. boosted its 2002 earnings forecast as much as 25% as the Irvine-based mortgage lender reduced interest expenses and processed more home loans.
The news sent shares of New Century surging $3.27, or 13%, to $28.89 in Nasdaq trading. The stock has more than doubled this year.
Earnings for 2002 will be about $5.25 to $5.45 a share, up from its previous forecast of $4.35 to $4.55, the company said. Analysts on average were expecting $4.65.
