Capstead Mortgage (CMO) Tops Q4 EPS by 2c

Capstead Mortgage (NYSE: CMO) reported Q4 EPS of $0.19, $0.02 better than the analyst estimate of $0.17.

Fourth Quarter 2017 Highlights

• Earnings increased $5.8 million to $22.6 million or $0.19 per diluted common share
• Paid common dividend of $0.19 per common share
• Net interest margins increased by $3.8 million as benefits of higher cash yields and a nearly 13% decline in mortgage prepayment activity outpaced higher borrowing rates
• Reactivated $100 million buyback program, repurchasing $3.5 million in common shares in November 2017 and an additional $10.0 million in January 2018
• Agency-guaranteed residential adjustable-rate mortgage (ARM) portfolio and leverage ended the quarter at $13.45 billion and 9.22 times long-term investment capital, respectively
• Book value per common share declined $0.31 to $10.25 per share as declines in portfolio valuations exceeded increases in swap gains because shorter term interest rates increased at a faster pace than longer term interest rates
• Recorded the benefit of $1.9 million in alternative minimum tax refunds with the enactment of the Tax Cuts and Jobs Act

For earnings history and earnings-related data on Capstead Mortgage (CMO) click here.

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