NEW YORK (AP) _ Annaly Capital Management Inc. (NLY) on Wednesday reported second-quarter net income of $856.2 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had net income of 58 cents. Earnings, adjusted for non-recurring gains, were 27 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The real estate investment trust posted revenue of $584.8 million in the period. Its adjusted revenue was $398.8 million.
Annaly shares have declined 21% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.43, a drop of 23% in the last 12 months.