AFC Gamma Inc. (AFCG) Q2 Earnings and Revenues Surpass Estimates

Company Performance - AFC Gamma Inc. reported quarterly earnings of $0.56 per share, exceeding the Zacks Consensus Estimate of $0.50 per share, and up from $0.49 per share a year ago, representing an earnings surprise of 12% [1] - The company posted revenues of $19.96 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 21.10%, compared to year-ago revenues of $17.68 million [1] - Over the last four quarters, AFC Gamma has surpassed consensus EPS estimates two times and topped consensus revenue estimates once [1] Stock Performance - AFC Gamma shares have declined approximately 27.9% since the beginning of the year, while the S&P 500 has gained 9.9% [2] - The current consensus EPS estimate for the upcoming quarter is $0.50 on revenues of $16.12 million, and for the current fiscal year, it is $1.99 on revenues of $65.05 million [4] Industry Outlook - The REIT and Equity Trust industry, to which AFC Gamma belongs, is currently ranked in the top 20% of over 250 Zacks industries, indicating a favorable outlook [5] - The performance of AFC Gamma's stock may be influenced by the overall industry outlook, as the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [5] Future Earnings Expectations - The estimate revisions trend for AFC Gamma is mixed, leading to a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [4] - Ellington Credit, another company in the same industry, is expected to report quarterly earnings of $0.24 per share, reflecting a year-over-year change of +41.2%, with revenues anticipated to be $6.35 million, up 492% from the year-ago quarter [5][6]