Fannie Mae beat analysts' estimates for the first quarter, reporting net income of $1.94 billion, up 60.5% from the earnings recorded a year earlier.Earnings per share in the first quarter were $1.93, up from $1.17 in the first quarter of 2002. Fannie Mae said its core business earnings totaled $1.85 billion, up 22% from the first quarter of last year, or $1.84 per share. That's 11 cents higher than the consensus estimate of Wall Street analysts. Core earnings, an internal measure used by Fannie Mae, largely exclude the effect of changes to the accounting for interest rate hedging activities.
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