FARMINGDALE, N.J. (AP) _ Cherry Hill Mortgage Investment Corp. (CHMI) on Thursday reported fourth-quarter net income of $7.6 million, after reporting a loss in the same period a year earlier.
The Farmingdale, New Jersey-based company said it had net income of 31 cents per share. Earnings, adjusted for non-recurring costs, came to 48 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The residential real estate finance company posted revenue of $19.8 million in the period. Its adjusted revenue was $6.3 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $5.7 million.
For the year, the company reported a loss of $42.8 million, or $3.11 per share, swinging to a loss in the period. Revenue was reported as $24.8 million.
Cherry Hill shares have climbed almost 2% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $14.84, a drop of 20% in the last 12 months.