UNIONDALE, N.Y. (AP) — UNIONDALE, N.Y. (AP) — Arbor Realty Trust (ABR) on Friday reported first-quarter net income of $68.2 million.
The Uniondale, New York-based company said it had net income of 31 cents per share. Earnings, adjusted for amortization costs and non-recurring costs, were 47 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The real estate investment trust posted revenue of $321.3 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $309.4 million.
Arbor Realty Trust shares have fallen 14% since the beginning of the year. The stock has increased 16% 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 ABR at https://www.zacks.com/ap/ABR
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