NEW YORK (AP) _ Annaly Capital Management Inc. (NLY) on Wednesday reported fourth-quarter net income of $1.21 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had profit of 82 cents. Earnings, adjusted for non-recurring gains, came to 26 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The real estate investment trust posted revenue of $1.07 billion in the period. Its adjusted revenue was $454.2 million.
For the year, the company reported that its loss widened to $2.16 billion, or $1.60 per share. Revenue was reported as $1 billion.
Annaly shares have climbed roughly 7% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.05, a decrease of almost 4% in the last 12 months.