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Behind Prospect Capital's Fiscal 4Q17 Earnings

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Behind Prospect Capital's Fiscal 4Q17 Earnings PART 1 OF 6

Prospect Capital Misses Fiscal 4Q17 Earnings and Revenue Estimates

Earnings and revenue estimates

Prospect Capital (PSEC) reported EPS (earnings per share) of $0.19 for fiscal 4Q17, missing the analysts’ estimate of $0.21. The company posted revenues of $166.70 million in fiscal 4Q17, missing the analysts’ estimate of $172.09 million.

However, prospect capital did manage to post net income of ~$51.2 million in fiscal 4Q17, compared with ~$19.5 million in fiscal 3Q17. As of June 30, 2017, its NAV (net asset value) stood at $9.32 per share, compared with $9.43 per share in fiscal 3Q17, representing a marginal decline of 1.17%.

Prospect Capital Misses Fiscal 4Q17 Earnings and Revenue Estimates

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Prospect Capital managed to report NII (net investment income) amounting to $306 million in fiscal 2017, compared with $371 million in fiscal 2016. It posted net income amounting to $252.9 million in fiscal 2017, compared with $103.3 million in fiscal 2016. In fiscal 4Q17, the company made investments totaling $223.2 million, compared with $449.6 million in fiscal 3Q17.

Operating margin

On June 30, 2017, Prospect Capital had an operating margin of 37.7%. The operating margins of other investment management companies (XLF) as of June 30, 2017, are as follows:

  • BlackRock Capital Investment (BKCC): 54.9%
  • Ares Capital (ARCC): 44.7%
  • Fidus Investment (FDUS): 51.9%
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