NEW YORK (AP) _ Ladder Capital Corp. (LADR) on Tuesday reported first-quarter profit of $22.2 million.
The New York-based company said it had net income of 21 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 40 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The commercial real estate mortgage origination and finance company posted revenue of $119.6 million in the period. Its adjusted revenue was $68.4 million.
Ladder Capital shares have climbed 12% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $17.37, a climb of 21% 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 LADR at https://www.zacks.com/ap/LADR