Irwin Cuts 2Q Earnings Guidance

Irwin Financial Corp., Columbus, Ind., has announced that it expects its earnings per share for the second quarter to fall "significantly below" its first-quarter EPS because of a revised economic outlook that will hurt the credit quality of its home equity portfolio.Irwin, the parent company of Irwin Mortgage Corp., Irwin Home Equity Corp., and several other subsidiaries, said its EPS for all of 2003 is still expected to be in line with previous guidance of at least $2.25, however. Irwin said its home equity lending segment has been hurt by the weak economy, especially unemployment. Recent forecasts by third-party economists and the Federal Reserve have led the company to believe that its home equity portfolio will be hurt more severely than previously estimated, Irwin said. The company can be found online at http://www.irwinfinancial.com.