NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Tuesday reported a first-quarter loss of $6.4 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 12 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 27 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The real estate investment trust posted revenue of $26.5 million in the period. Its adjusted revenue was $49.5 million.
Ares Commercial Real Estate shares have dropped 17% since the beginning of the year. The stock has declined 43% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACRE at https://www.zacks.com/ap/ACRE
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