Annaly Capital Management Reports Profit In Q2 - Quick Facts

(RTTNews) - Annaly Capital Management, Inc. (NLY) reported second-quarter net income of $900.1 million, or $0.93 per share, compared to a loss of $335.5 million, or $0.37 per share, prior year. The company said the increase for the quarter is the result of favorable changes in realized and unrealized losses on interest rate swaps given the higher interest rate environment. Core earnings were $411.1 million, or $0.41 per share, for the quarter ended June 30, 2015.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.27 for the quarter. Analysts' estimates typically exclude special items.

Net interest income decreased to $511.27 million from $557.85 million, a year ago.

Annaly announced the termination of the management agreement between its wholly-owned subsidiary Fixed Income Discount Advisory Company and Chimera Investment Corporation so that Annaly can directly invest in non-Agency residential mortgages and securities. In connection with the transaction, Chimera will purchase Annaly's 4.4% stake in Chimera for a purchase price of $126.4 million or $14.05 per share.

Annaly separately announced its Board has authorized the repurchase of up to $1 billion of its outstanding common shares through December 31, 2016.