NEW YORK (AP) — NEW YORK (AP) — Apollo Commercial Real Estate Finance (ARI) on Wednesday reported a third-quarter loss of $91.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the New York-based company said it had a loss of 69 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 31 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The real estate investment trust posted revenue of $71.6 million in the period. Its adjusted revenue was $47 million.
Apollo Commerical Finance shares have fallen 24% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.92, a drop of nearly 6% 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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