Redwood Trust: Q2 Earnings Snapshot

MILL VALLEY, Calif. (AP) — MILL VALLEY, Calif. (AP) — Redwood Trust Inc. (RWT) on Thursday reported second-quarter profit of $3 million.

The Mill Valley, California-based company said it had net income of less than 1 cent on a per-share basis. Earnings, adjusted for non-recurring costs, were 14 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.

The specialty finance company posted revenue of $179 million in the period. Its adjusted revenue was $26 million, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $29.6 million.

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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 RWT at https://www.zacks.com/ap/RWT