NEW YORK (AP) — NEW YORK (AP) — Apollo Commercial Real Estate Finance (ARI) on Tuesday reported second-quarter net income of $35.8 million, after reporting a loss in the same period a year earlier.
The New York-based company said it had profit of 23 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 35 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The real estate investment trust posted revenue of $81.1 million in the period. Its adjusted revenue was $51.8 million.
Apollo Commerical Finance shares have dropped 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $10.10, a fall of almost 7% in the last 12 months.
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