NEW YORK (AP) — NEW YORK (AP) — Apollo Commercial Real Estate Finance (ARI) on Monday reported fourth-quarter profit of $40.7 million.
On a per-share basis, the New York-based company said it had profit of 27 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 32 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The real estate investment trust posted revenue of $70.5 million in the period. Its adjusted revenue was $43.5 million.
For the year, the company reported a loss of $119.6 million, or 97 cents per share, swinging to a loss in the period. Revenue was reported as $199 million.
Apollo Commerical Finance shares have increased 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $9.09, a decline of 15% 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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