Two Harbors Investments Earnings: Here’s Why Investors Don’t Like These Results
Two Harbors Investments Corp (AMEX:TWO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 3.19%.
Two Harbors Investments Corp Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.21 in the quarter versus EPS of $ in the year-earlier quarter.
Revenue: Rose 37.2% to $145.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Two Harbors Investments Corp reported adjusted EPS income of $0.21 per share. By that measure, the company beat the mean analyst estimate of $0. It beat the average revenue estimate of $0.
Quoting Management: “The second quarter was quite challenging with respect to rising interest rates and other factors within the mortgage market,” stated Thomas Siering, Two Harbors’ President and Chief Executive Officer. “We are pleased with the portfolio repositioning that we completed in an effort to protect our book value. For the first six months of 2013, we have generated $102 million in comprehensive income, a return on average equity of 5.2%, which we believe is remarkable given conditions in the sector.”
Key Stats (on next page)…