Two Harbors 1Q earnings miss estimates, hit $88.2M
Two Harbors Investment Corp.'s (TWO) core earnings for the first quarter hit $88.2 million, or $0.24 per diluted share, compared to $76.4 million, or $0.21 per diluted share, for the previous quarter.
This missed earnings estimates by $0.01.
In addition, the company posted a net realized loss on residential mortgage-backed securities, trading securities and mortgage loans held-for-sale of $38.5 million.
It posts unrealized losses on trading securities, mortgage loan forward purchase commitments and mortgage loans held-for-sale of $2.3 million.
“We delivered strong first-quarter results, demonstrating our ability to generate alpha in a variety of interest rate environments,” stated Thomas Siering, Two Harbors’ president and CEO. “Two Harbors generated comprehensive income of $152.6 million for the period, representing a 15.7% return on average equity.”