updated 7/19/2006 6:01:53 PM ET 2006-07-19T22:01:53

Washington Mutual Inc. said second quarter earnings fell sharply because of two large one-time charges associated with major restructuring that the company also announced Wednesday.

The nation's largest savings and loan reported earnings of $767 million, or 79 cents per share for the three months ended June 30, compared with earnings of $844 million, or 95 cents per share, in the same period a year earlier.

The results included a $101 million after-tax charge to reflect the company's planned sale of $2.6 billion in mortgage servicing rights. A second $52 million after-tax restructuring charge was related to other changes that the company said would help it operate more efficiently and improve earnings.

Seattle-based Washington Mutual also said it planned to sell WM Advisors Inc., its subsidiary that provides investment management and other duties for the WM Group of Funds.

Without the one-time items, Washington Mutual would have earned $920 million, or 94 cents per share.

Revenue for the three-month period was $3.64 billion, compared with $3.12 billion in the same period a year earlier.

Analysts polled by Thomson Financial were expecting earnings of 93 cents per share. The analysts had forecast revenue of $3.77 billion.

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