By Connor Hart
AGNC Investment posted lower net income in the fourth quarter despite higher interest income.
The real-estate investment trust reported a profit of $122 million, down from $412 million in the same quarter a year earlier.
On a per-share basis, earnings came in at 10 cents, missing the 42 cents that analysts surveyed by FactSet were expecting.
Interest income for the quarter was $856 million, up from $640 million last year and ahead of analyst projections for $822.9 million, according to FactSet.
Chief Executive Peter Federico said the company's outlook on agency mortgage-backed securities is very positive in 2025 thanks to improving conditions, such as declining inflationary pressures and easing interest rate volatility.
He added that AGNC generated a 13.2% economic return in 2024, driven by its monthly dividend: "Our 2024 performance provides investors a good example of AGNC's ability to generate strong investment returns in environments in which Agency MBS spreads are wide and stable, and we anticipate that this favorable environment for Agency MBS will persist," he said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 27, 2025 16:30 ET (21:30 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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