MT. LAUREL, N.J.—PHH Corp. said late Thursday its profit climbed in the fourth quarter as it recorded lower expenses.
PHH earned $12 million, or 21 cents per share, compared with profit of $1 million, or 3 cents per share, in the fourth quarter of 2006.
Revenue slipped 11 percent to $550 million from $615 million, as total expenses fell to $582 million from $613 million.
PHH runs three main businesses: a mortgage lending unit, a business that collects loan payments for other lenders and a truck rental company.
Income from leasing its truck fleet sank 8 percent to $408 million. The company rented out fewer trucks because of shrinking demand from customers.
Fees for collecting mortgage loans fell, and the value of PHH's contracts for collecting loan payments sank $277 million.
The mortgage lending business issued fewer home loans, leading to a decline in revenue.
For the full year, the company's net loss narrowed to $12 million, or 23 cents per share, from a year-ago loss of $16 million, or 29 cents per share. Revenue edged down to $2.24 billion from $2.29 billion.
PHH's stock fell 36 cents Friday to close at $20.24.
