logo
Share SHARE
FONT-SIZE Plus   Neg

Colony Financial Q4 Profit Beats Estimates

Real estate finance and investment company Colony Financial Inc. (CLNY) Wednesday reported a 22 percent increase in profit for the fourth quarter on strong revenue growth. Core earnings beat analysts' expectations, while revenues missed their estimates.

The Santa Monica, California-based company's fourth-quarter net income was $13.53 million, up from $11.07 million in the previous-year quarter. However, earnings per share declined to $0.31 from $0.34 in the prior-year period on higher weighted number of shares outstanding.

Excluding items, core earnings were $18.04 million or $0.41 per share, compared to $11.86 million or $0.36 per share int the same period last year. On average, five analysts polled by Thomson Reuters estimated earnings of $0.37 per share for the quarter. Analysts estimates' typically exclude one-time items.

Total income, which includes equity in income of joint ventures and interest income, grew 70 percent in the quarter to $32.67 million from $19.18 million in the same period last year. Analysts had a consensus revenue estimate for the quarter of $33.73 million.

For fiscal 2012, Colony Financial's net income rose to $48.10 million from $42.26 million last year. However, earnings per share declined to $1.32 per share from $1.47 per share in the prior year.

Core earnings were $59.77 million or $1.65 per share, compared to $43.24 million or $1.49 per share in the previous year. Total income for the year surged 64 percent to $107.16 million from $65.47 million last year.

Analysts expected the company to earn $1.41 per share for the year on revenues of $105.72 million.

CLNY closed Wednesday's trading at $21.95, down $0.03 or 0.14 percent on a volume of 921,417 shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Volkswagen plans to invest about 22.8 billion euros in its core brand from 2018 to 2022, with main focus on e-mobility and modularization. In a statement on Saturday, the German automaker announced that the investments, as part of the brand's Transform 2025+ strategy, will significantly boost the brand's largest product and technology offensive. Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks.
comments powered by Disqus
Follow RTT