Offshore business process outsourcer WNS (Holdings) Ltd. has lowered its earnings guidance citing the recent mortgage market volatility that shut down one of its business partners, wholesaler First Magnus Financial Corp.First Magnus is stopping "substantially all work" with WNS and as a result WNS said its net income before tax for the fiscal year ending March 31, 2008 is expected to be "about $26 million lower than previously estimated." The company also said that, "In subsequent years the loss of First Magnus Financial Corp. and other mortgage businesses is expected to result in our revenue less repair payments being lower by approximately $20 million per annum and the net income before tax being lower by approximately $4 million per annum." Since the company lowered its guidance, its stock has been trading in a lower range roughly between $18 and $20 a share as compared to about $20 to $22 previously. The company can be found on the Web at http://www.wnsgs.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry