NEW YORK (AP) _ Apollo Commercial Real Estate Finance (ARI) on Wednesday reported first-quarter net income of $67.8 million.
The New York-based company said it had profit of 43 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 48 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The real estate investment trust posted revenue of $82.8 million in the period.
Apollo Commerical Finance shares have climbed 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.60, a rise of 4.5 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARI at https://www.zacks.com/ap/ARI