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Annaly Capital posts lower net income YOY in Q4'17

Annaly Capital Management Inc. reported fourth-quarter 2017 GAAP net income of $746.8 million, or 62 cents per average common share, compared with $1.85 billion, or $1.79 per average common share, in the year-ago quarter.

Unrevised core earnings, which exclude premium amortization adjustment, were $387.0 million, or 31 cents per average common share, up slightly from $327.0 million, or 30 cents per average common share, in the fourth quarter of 2016.

Revised core earnings, which include premium amortization adjustment, were $375.6 million, or 30 cents per average share, compared with $565.9 million, or 53 cents per average share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 30 cents.

Net interest income during the quarter was $426.7 million million, down from $623.6 million in the fourth quarter of 2016.

Annaly's annualized GAAP return on average equity as of Dec. 31, 2017, was 20.58%, compared with 10.98% for the quarter ended Sept. 30, 2017, and 57.23% for the quarter ended Dec. 31, 2016.

The company's book value per common share was $11.34 as of year-end 2017, compared with $11.42 as of Sept. 30, 2017, and $11.16 as of Dec. 31, 2016.

For full year 2017, the company reported GAAP net income of $1.57 billion, or $1.37 per share, up from $1.43 billion, or $1.39 per share, in 2016.

Unrevised core earnings were $1.41 billion, or $1.22 per average share, compared with $1.21 billion, or $1.17 per average share, for the prior year.

Revised core earnings were $1.27 billion, or $1.09 per average share, compared with $1.19 billion, or $1.15 per average share, a year earlier.

The S&P Capital IQ consensus normalized EPS estimate for 2017 was $1.21.