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Triangle Capital beats Street 4Q forecasts

RALEIGH, N.C. (AP) _ Triangle Capital Corp. (TCAP) on Wednesday reported fourth-quarter profit of $23.7 million.

The Raleigh, North Carolina-based company said it had net income of 50 cents per share. Earnings, adjusted for investment gains, came to 38 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The business development company posted revenue of $31.7 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $28.7 million.

For the year, the company reported a loss of $28.7 million, or 62 cents per share, swinging to a loss in the period. Revenue was reported as $123 million.

Triangle Capital shares have increased 15 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.87, a decline of 44 percent 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 TCAP at https://www.zacks.com/ap/TCAP