MEMPHIS, Tenn. (AP) _ Jernigan Capital Inc. (JCAP) on Wednesday reported first-quarter profit of $12.1 million.
The Memphis, Tennessee-based company said it had net income of 35 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 52 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The commercial real estate finance company posted revenue of $9.9 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $9.2 million.
For the current quarter ending in July, Jernigan Capital expects its per-share earnings to range from 32 cents to 44 cents.
The company said it expects revenue in the range of $10.4 million to $10.6 million for the fiscal second quarter.
Jernigan Capital shares have risen almost 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.32, a rise of 14% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on JCAP at https://www.zacks.com/ap/JCAP