Redwood Trust misses earnings estimates
Posts $16M 2Q net income
Redwood Trust (RWT) reported a second-quarter net income of $16 million, or $0.18 per share, compared to a net income of $12 million, or $0.14 per share, for the first quarter 2014, and $66 million, or $0.71 per share, for the second quarter of 2013.
This missed earnings per share expectations by $0.16 and revenue expectations by $1.55 million.
Redwood also reported estimated REIT taxable income of $14 million, or $0.17 per share, for the second quarter of 2014. This compares to estimated REIT taxable income of $15 million, or $0.19 per share, for the first quarter of 2014 and REIT taxable income of $20 million, or $0.25 per share, for the second quarter of 2013.
In addition, Redwood reported a book value per share of $15.03, as compared to $15.14 at March 31, 2014, and $14.69 at June 30, 2013.