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Jernigan Capital tops 1Q profit forecasts

MEMPHIS, Tenn. (AP) _ Jernigan Capital Inc. (JCAP) on Wednesday reported first-quarter earnings of $1.8 million.

On a per-share basis, the Memphis, Tennessee-based company said it had profit of 14 cents. Earnings, adjusted for one-time gains and costs, were 21 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.

The commercial real estate finance company posted revenue of $2.3 million in the period, which met Street forecasts.

For the current quarter ending in July, Jernigan Capital expects its per-share earnings to range from 31 cents to 42 cents.

The company said it expects revenue in the range of $2.35 billion to $2.47 billion for the fiscal second quarter.

Jernigan Capital expects full-year earnings in the range of $1.80 to $2.30 per share.

Jernigan Capital shares have increased slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.59, more than doubling 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 JCAP at https://www.zacks.com/ap/JCAP

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Keywords: Jernigan Capital, Earnings Report