NEW YORK (AP) — Medallion Financial Corp. (MFIN) on Monday reported first-quarter net income of $8.4 million, after reporting a loss in the same period a year earlier.
The New York-based company said it had net income of 34 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The business development company posted revenue of $39 million in the period. Its adjusted revenue was $30.6 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $32.5 million.
Medallion Financial shares have climbed 84% since the beginning of the year. In the final minutes of trading on Monday, shares hit $9.02, nearly quadrupling in the last 12 months.