LendingTree markedly increased its net income in the fourth quarter, based on strong results for both its mortgage and non-mortgage products, the company announced Wednesday.
LendingTree’s net income grew to $15.6 million during the three months ended Dec. 31, a major jump from a $202,000 loss in the fourth quarter of 2013. The Charlotte, N.C.-based company’s net income from continuing operations in particular contributed $2.1 million, and its diluted earnings per share was 18 cents.
LendingTree Chairman and CEO Doug Lebda said in a press release that this represented the ninth consecutive quarter in which its mortgage-based revenue outpaced results overall in the mortgage industry. Mortgage product revenue grew 5% during the fourth quarter while total mortgage originations fell, the company said. Revenue for mortgage products was $33.2 million.
The online loan lead aggregator overall revenue totaled $44 million in the fourth quarter, a 21% increase from the same period in 2013.
LendingTree, which changed its corporate name in January from Tree.com, also saw revenue from non-mortgage products more than double year-over-year, with the division accounting for nearly a quarter of its total revenue for the fourth quarter. Revenue for non-mortgage products, including personal loans, rose 128% from 2013 to $10.7 million.
Looking at the full year, LendingTree’s net income rose to $9.4 million in 2014, more than double its $3.9 million in 2013. Revenue for the year was $168.4 million.
Based on the positive trends that started in the fourth quarter and were poised to continue into 2015, the company revised its financial outlook for the upcoming fiscal year. LendingTree now anticipates revenue to be between $192.5 million and $200.8 million, an increase of between 15% and 20% from 2014, marking an upward revision from previous guidance of between 12% and 15% growth.