Jernigan Capital: 2Q Earnings Snapshot
MEMPHIS, Tenn. (AP) _ Jernigan Capital Inc. (JCAP) on Tuesday reported second-quarter net income of $10.8 million.
On a per-share basis, the Memphis, Tennessee-based company said it had profit of 40 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 64 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The commercial real estate finance company posted revenue of $7.2 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $7 million.
For the current quarter ending in October, Jernigan Capital expects its per-share earnings to range from 63 cents to 75 cents.
The company said it expects revenue in the range of $8.3 million to $8.4 million for the fiscal third quarter.
Jernigan Capital expects full-year earnings in the range of $2.57 to $3.05 per share, with revenue ranging from $28.9 million to $29.8 million.
Jernigan Capital shares have declined slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $18.18, a decline of 14 percent in the last 12 months.