Continuing to scan the lists tonight before checking out for the day, I was hoping to find something sexier than another financial. However, using out criteria, that was all that I could find. Please feel free to suggest other issues anytime!
According to CNN.money, WestCorp is "a financial services holding company providing automobile lending through WFS Financial, and community and mortgage banking through Western Financial Bank."
Last month, on April 23rd, WestCorp reported their earnings for the first quarter of 2003. In summary, per the NYTimes on the Web, net income rose 40% to a record $23.5 million for the quarter, EPS increased 30% to $60 for the quarter, and total revenues grew 22% to $194 million for the quarter. An outstanding last quarter....one of the main criteria of our selection methodology.
For the last 5 years, looking at Morningstar, we see STEADY growth (another criterion), from $0.4 billion in 1998, to $0.5 billion in 1999, $0.8 billion in 2000, $1.0 billion in 2001, and $1.2 billion in 2002.
Unfortunately, the entries on cashflow and assets and liabilities are NOT included in complete form on Morningstar but the rest of the numbers look excellent.
WES closed the day ar $24.41 or up $1.70 (7.49%).
Have a great evening and please stop by again soon!