Anworth Posts Strong Q1 Earnings

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Shares in Anworth Mortgage Asset Corp. jumped 4 percent Thursday after the real estate investment trust reported better-than-expected first quarter earnings, prompting an upgrade from one analyst.


Anworth reported late Wednesday that net income for the first quarter surged more than 500 percent to $15.1 million (21 cents per share), falling in line with Wall Street’s estimates of 21 cents per share, according to Thomson Financial.


Revenue for the Santa Monica-based company also rose 8 percent to $68.4 million, short of analysts’ predictions of $72 million.


However, Keefe, Bruyette & Woods analyst Bose George upgraded Anworth, saying the results beat his forecasts.


Shares of Anworth were up 4 percent to $7.01 in early trading Thursday.

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