Freddie Mac Posts Profit of $524 Million in 1st Quarter

MCLEAN, Va. (AP) -

Freddie Mac on Tuesday reported first-quarter net income of $524 million, after reporting a loss in the same period a year earlier.

The McLean, Virginia-based company said it had profit of 7 cents per share. Earnings, adjusted for non-recurring costs, came to 67 cents per share.

The secondary mortgage market operator posted revenue of $3.9 billion in the period.