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Annaly beats 1Q profit forecasts

NEW YORK (AP) _ Annaly Capital Management Inc. (NLY) on Wednesday reported first-quarter net income of $440.5 million, after reporting a loss in the same period a year earlier.

The New York-based company said it had net income of 41 cents per share. Earnings, adjusted for non-recurring gains, were 31 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.

The real estate investment trust posted revenue of $587.7 million in the period. Its adjusted revenue was $389.3 million.

Annaly shares have climbed 16 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.53, a rise of 12 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NLY at https://www.zacks.com/ap/NLY

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Keywords: Annaly Capital Management, Earnings Report