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NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Wednesday reported fourth-quarter profit of $2.9 million.
The New York-based company said it had profit of 5 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 44 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The real estate investment trust posted revenue of $30.4 million in the period. Its adjusted revenue was $52.6 million.
For the year, the company reported profit of $29.8 million, or 57 cents per share. Revenue was reported as $170.2 million.
Ares Commercial Real Estate shares have increased 16% since the beginning of the year. The stock has declined 16% 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 ACRE">Zacks stock report on ACRE at https://www.zacks.com/ap/ACRE