Annaly Capital Management (NLY) Tops Q2 EPS by 5c

Annaly Capital Management (NYSE: NLY) reported Q2 EPS of $0.27, $0.05 better than the analyst estimate of $0.22.

Financial Highlights

• GAAP net income of $0.58 per average common share for the quarter, up from ($2.57) in the prior quarter
• Core earnings (excluding PAA) of $0.27 per average common share for the quarter, up 28.6% from the prior quarter
• GAAP return on average equity of 25.8% and core return on average equity (excluding PAA) of 12.8% for the quarter
• Book value per common share of $8.39, up 11.9% from the prior quarter
• Economic leverage of 6.4x, down from 6.8x in the prior quarter
• Declared quarterly common stock cash dividend of $0.22 per share
• Economic return of 14.8% for the second quarter

“We are pleased with the rebound in our results this quarter as we posted our strongest quarterly book value growth since the start of the Great Recession and our core earnings per share outperformed our recently declared dividend,” remarked David Finkelstein, Annaly’s Chief Executive Officer and Chief Investment Officer. “Our portfolio performed well due to the relative attractiveness of the MBS sector as well as accommodative monetary policy and fiscal support for the economy. While we are optimistic about our outlook and ability to generate attractive returns, Annaly will remain nimble and conservatively positioned as we prepare for a variety of potential economic scenarios.

“In line with our capital allocation philosophy, we've repurchased $175 million in common stock since the beginning of the second quarter given our discount to book value and strong performance fundamentals. Additionally, we closed our management internalization as planned, which will better align us with our shareholders, drive long-term cost savings and provide greater strategic flexibility. This is the latest in a series of corporate responsibility and governance enhancements, which continues to be an area of significant focus for the Company.”

For earnings history and earnings-related data on Annaly Capital Management (NLY) click here.

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