Redwood Trust: Q1 Earnings Snapshot

MILL VALLEY, Calif. (AP) — MILL VALLEY, Calif. (AP) — Redwood Trust Inc. (RWT) on Thursday reported first-quarter profit of $5 million.

On a per-share basis, the Mill Valley, California-based company said it had net income of 2 cents. Earnings, adjusted for non-recurring costs, were 11 cents per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.

The specialty finance company posted revenue of $179 million in the period. Its adjusted revenue was $26 million, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $35.5 million.