Invesco Mortgage Capital Earnings: Fifth Straight Quarter of Double-Digit Growth

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Invesco Mortgage Capital Inc. (NYSE:IVR) reported net income above Wall Street’s expectations for the first quarter. Invesco Mortgage Capital is a real estate investment trust that acquires, finances and manages residential and commercial mortgage-backed securities and mortgage loans.

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Invesco Mortgage Capital Earnings Cheat Sheet for the First Quarter

Results: Net income for Invesco Mortgage Capital Inc. rose to $83.1 million (72 cents per share) vs. $52.2 million ($1.01 per share) in the same quarter a year earlier. This marks a rise of 59% from the year-earlier quarter.

Actual vs. Wall St. Expectations: Invesco Mortgage Capital Inc. beat the mean analyst estimate of 65 cents per share.

Quoting Management: “We’re pleased to report we were able to successfully accomplish all four of our major first-quarter objectives,” said Richard King, President and Chief Executive Officer. “We continued to improve book value, provided a stable dividend, reduced credit leverage, and increased our earning assets through the improvement seen in the company’s equity position. As a result, we have strengthened our balance sheet and significantly improved our risk position while remaining focused on providing dividend stability in this market environment.”

Key Stats:

The company has now seen its net income increase for three consecutive quarters. In the fourth quarter of the last fiscal year, net income rose 91.8% and in the third quarter of the last fiscal year, the figure rose more than threefold.

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 66 cents versus a mean estimate of net income of 68 cents per share.

Looking Forward: Over the past ninety days, the average estimate for the second quarter has fallen from 70 cents per share to 66 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved down from $2.80 a share to $2.64 over the last ninety days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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