Two Harbors Investment (TWO) Tops Q2 EPS by 1c

Two Harbors Investment (NYSE: TWO) reported Q2 EPS of $0.28, $0.01 better than the analyst estimate of $0.27. Revenue for the quarter came in at $97.53 million versus the consensus estimate of $121.63 million.

Summary

• Delivered Comprehensive Income of $85.9 million, a return on average common equity of 9.9%, or $0.25 per weighted average common share.
• Reported Core Earnings of $97.5 million, or $0.28 per weighted average common share.(1)
• Formed Granite Point Mortgage Trust Inc. (“Granite Point”) (NYSE: GPMT) and contributed portfolio of commercial real estate assets to Granite Point concurrent with the closing of Granite Point’s initial public offering (“IPO”).(2)
• Added $18.9 billion in unpaid principal balance (UPB) of MSR, including $13.1 billion UPB through two bulk purchases.
• Reported book value of $9.87 per common share, representing a 2.2%(3) total quarterly return on book value after accounting for a dividend of $0.26 per common share.
• Subsequent to quarter end, issued 11,500,000 shares of 7.625% Series B fixed-to-floating rate cumulative redeemable preferred stock for proceeds, net of offering costs, of $278.1 milli

For earnings history and earnings-related data on Two Harbors Investment (TWO) click here.

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