logo
Share SHARE
FONT-SIZE Plus   Neg

Colony Financial Q4 Profit Beats Estimates

Real estate finance and investment company Colony Financial Inc. (CLNY: Quote) 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
Internet giant Google Inc. (GOOGL, GOOG) has launched a new online flight search tool that makes it easy to find out the best flight deal. The tool dubbed "Google Flights" provides a calendar that one can scroll through and see the lowest fare highlighted for each day. One can also use the lowest... Hyperloop Transportation Technologies, a start-up that has adopted Elon Musk's ambitious project of high-speed transportation system, plans to build a Hyperloop test track in California and completed as early as 2016. Hyperloop Test Technologies, a crowd-funded company, plans to take Musk's dream... Colors have set the social media afire after an otherwise innocuous photo of a bodycon dress kept users guessing as to what hues permeate it. Opinions are divided, with some seeing the dress as white and gold, and others as blue and black. The photo was posted on Tumblr by a user called Swiked.
comments powered by Disqus
RELATED NEWS
Trade CLNY now with 
Follow RTT