NEW YORK (AP) _ Two Harbors Investments Corp. (TWO) on Wednesday reported first-quarter net income of $72 million, after reporting a loss in the same period a year earlier.
The New York-based company said it had profit of 21 cents per share. Earnings, adjusted for non-recurring costs, came to 27 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The real estate investment trust that invests in mortgage-backed securities posted revenue of $191.6 million in the period. Its adjusted revenue was $116.2 million.
Two Harbors Investments shares have risen 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.75, an increase of 27 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 TWO at https://www.zacks.com/ap/TWO
Keywords: Two Harbors Investments, Earnings Report