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Granite Point Mortgage Trust: 4Q Earnings Snapshot

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NEW YORK (AP) _ Granite Point Mortgage Trust Inc. (GPMT) on Tuesday reported fourth-quarter earnings of $16.7 million.

The New York-based company said it had net income of 37 cents per share. Earnings, adjusted for non-recurring costs, were 40 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The real estate investment trust posted revenue of $52.8 million in the period. Its adjusted revenue was $24.3 million.

For the year, the company reported profit of $63.1 million, or $1.42 per share. Revenue was reported as $92.4 million.

Granite Point Mortgage Trust shares have risen nearly 5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $18.90, an increase of 13 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 GPMT at https://www.zacks.com/ap/GPMT