NEW YORK (AP) _ Ladder Capital Corp. (LADR) on Tuesday reported second-quarter profit of $38.4 million.
On a per-share basis, the New York-based company said it had net income of 40 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 45 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The commercial real estate mortgage origination and finance company posted revenue of $131.6 million in the period. Its adjusted revenue was $83.2 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $75.4 million.
Ladder Capital shares have increased 17 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.99, a rise of 22 percent 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