logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Member of Congress have reportedly been told President Donald Trump's administration has reached an agreement to put Chinese telecom giant ZTE Corp. back in business. Reports from the New York Times and Reuters said the deal brokered by the Commerce Department would require ZTE to pay a substantial... Delta Air Lines will resume non-stop flights between the U.S. and India next year, almost a decade after it exited the Indian market. The airline said Thursday that its decision to resume non-stop flights from the U.S. to India follows agreements between the U.S. and the governments of the United Arab Emirates and Qatar to address the issue of government subsidies provided to state-owned carriers. Mortgage rates continued their upward trend this week and hit a seven-year high, even as housing demand remained robust. According to data released Thursday by mortgage finance provider Freddie Mac, the 30-year fixed-rate mortgage rose to 4.66 percent in the week ending May 24, from 4.61 percent in the prior week and 3.95 percent a year ago. This is also the highest level since May 5, 2011.
Follow RTT