Wednesday, MFA Mortgage Investments, Inc. (MFA), a New York-based real estate investment trust, said second quarter profit soared 405% from the year-ago period, helped by higher interest income from investment securities.
Second quarter net income surged to $33.0 million or $0.20 per share from $8.14 million or $0.10 per share reported in the previous year.
Net income, excluding items not affecting distributable income, was $37.02 million or $0.22 per share for the quarter. On average, 9 analysts polled by First Call/Thomson Financial expected earnings of $0.23 per share for the second quarter.
Net interest income more than tripled to $44.03 million from $12.68 million. Income from investment securities increased to $118.5 million from $90.39 million. The Street estimated revenues of $39.41 million for the quarter.
Year-to-date, the company reported a net loss of $54.99 million or $0.35 per share, compared to net income of $15.95 million or $0.20 per share in the same period last year. Net interest income increased to $78.66 million from $25.21 million for the period.
MFA is currently trading at $6.36, down $0.06 or 0.93%, on 1.01 million shares.
For comments and feedback: editorial@rttnews.com