MILL VALLEY, Calif. (AP) — MILL VALLEY, Calif. (AP) — Redwood Trust Inc. (RWT) on Wednesday reported first-quarter net income of $16.1 million.
The Mill Valley, California-based company said it had profit of 10 cents per share. Earnings, adjusted for one-time gains and costs, came to 14 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The specialty finance company posted revenue of $272.1 million in the period. Its adjusted revenue was $27.9 million, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $31.3 million.
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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 RWT at https://www.zacks.com/ap/RWT
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