NEW YORK (AP) — NEW YORK (AP) — Apollo Commercial Real Estate Finance (ARI) on Wednesday reported first-quarter net income of $48.9 million.
On a per-share basis, the New York-based company said it had net income of 32 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 48 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The real estate investment trust posted revenue of $87.1 million in the period. Its adjusted revenue was $71 million.
Apollo Commerical Finance shares have fallen 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.36, a decline of 27% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARI at https://www.zacks.com/ap/ARI
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