Boosted by increases in business across several product lines, LendingTree beat earnings estimates by 4 cents per share and facilitated the closing of $8.3 billion in loans the first quarter of 2003.
LendingTree said earnings were 18 cents per share, or $39.2 million. The total represents a 13 percent increase over the previous quarter and 84 percent more than the same quarter in 2002. LendingTree stock (Nasdaq: TREE) closed up 50 cents, or 4 percent, to $13.
Traffic on the company’s lending exchange increased 22 percent, to more than 661,000. Home purchase mortgages climbed 51 percent, home equity requests were up 34 percent, auto loans, credit card and personal loans were up 23 percent, and mortgage refinancing climbed 10 percent.
LendingTree increased its guidance for the year by 40 percent, to 70 cents per share, up from 50 cents.