Invesco Mortgage Capital Earnings: Profit Up

Invesco Mortgage Capital Inc. (NASDAQ:IVR) reported its results for the first quarter. Invesco Mortgage Capital is a real estate investment trust that acquires, finances and manages residential and commercial mortgage-backed securities and mortgage loans.

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Invesco Mortgage Capital Earnings Cheat Sheet for the First Quarter

Results: Net income for Invesco Mortgage Capital Inc. rose to $53.7 million ($1.01/share) vs. $12 million (77 cents/share) in the same quarter a year earlier. A more than fourfold rise from the year earlier quarter.

Revenue: Netinterest income was $53 million.

Actual vs. Wall St. Expectations: IVR beat the mean analyst estimate of $1/share. Estimates ranged from 95 cents per share to $1.05 per share.

Quoting Management: “The current economic conditions, the steepness of the yield curve, and historically low financing costs continue to provide an outstanding opportunity to invest in securitized mortgage assets,” said Richard King, President and Chief Executive Officer. “We are pleased that in the first quarter we were able to achieve our goals of maintaining attractive earnings and growing book value. We also strategically raised capital which was accretive to book value, added scale, and found attractive target assets with the new capital.”

Competitors to Watch: Two Harbors Investment Corp (AMEX:TWO), Hatteras Financial Corp. (NYSE:HTS), Capstead Mortgage Corp. (NYSE:CMO), Annaly Capital Management, Inc. (NYSE:NLY), Eastern Light Capital, Inc. (AMEX:ELC), Newcastle Investment Corp. (NYSE:NCT), Cypress Sharpridge Investments, Inc. (NYSE:CYS), Crexus Investment Corp (NYSE:CXS), Chimera Investment Corp. (NYSE:CIM), and Apollo Commercial Real Est. Finance Inc (NYSE:ARI)

Stock Performance: Shares of IVR are 0.09% up from the previous close of $22.85.

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