Freddie Mac posts 2nd-quarter profit of $4.17 billion

MarketsAssociated Press

Freddie Mac (FMCC) on Tuesday reported second-quarter net income of $4.17 billion, a sharp increase from the $1.4 billion profit it reported in the same period a year earlier.

The McLean, Virginia-based company said it had profit of 8 cents per share.

Continue Reading Below

The secondary mortgage market operator posted revenue of $6.51 billion in the period.

The company's shares closed at $2.21. A year ago, they were trading at $4.05.

_____

This story has been corrected to show that the company last year had a quarterly profit of $1.4 billion, not a loss.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FMCC at http://www.zacks.com/ap/FMCC

_____

Keywords: Freddie Mac, Earnings Report, Priority Earnings