NEW YORK — NEW YORK — Apollo Commercial Real Estate Finance (ARI) on Tuesday reported fourth-quarter net income of $46.5 million, after reporting a loss in the same period a year earlier.
The New York-based company said it had profit of 30 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 36 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 36 cents per share.
The real estate investment trust posted revenue of $84.2 million in the period. Its adjusted revenue was $58 million.
For the year, the company reported profit of $58.1 million, or 29 cents per share. Revenue was reported as $252.2 million.
Apollo Commerical Finance shares have dropped nearly 6% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $11.05, a decrease of roughly 10% in the last 12 months.
