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
UK-based oil giant BP Plc. and French peer Total SA Tuesday reported lower profit for the first quarter, as oil prices declined sharply from the previous year. However, results reflected stronger overall refining environment. Hartford Financial reported a decline in first-quarter profit, despite growth in premiums, due mainly to the absence of gains recorded last year. Apple Inc. said Monday after the markets closed that its second quarter profit rose 33% from last year, driven by strong sales of iPhone and Mac as well as all-time record performance of the App Store. The company's quarterly earnings per share also breezed past Wall Street expectations as did its quarterly sales.
comments powered by Disqus
Follow RTT