Starwood Q1 Profit Surges; Backs FY Earnings Guidance; Appoints New CFO

(RTTNews) - Starwood Property Trust, Inc.'s (STWD) first-quarter net income attributable to the company surged to $120.6 million, or $0.60 per share from $62.2 million or $0.46 per share in the first quarter of 2013. On an adjusted basis, the company's core earnings amounted to $121.5 million, or $0.60 per share.

Revenues for the first quarter totaled $171.9 million. For the fiscal 2014, the company continues to expect core earnings in the range of $2.00 - $2.20 per share. Further, the board declared a dividend of $0.48 per share for the quarter ending June 30, 2014, which is payable on July 15, 2014 to common shareholders of record as of June 30, 2014. In addition, the firm said , Rina Paniry, who currently serves as the Chief Financial Officer of its unit LNR Property LLC, will take over as the company's new Chief Financial Officer, succeeding Stew Ward, effective May 7, 2014.