NASDAQ$ARCC

Ares Capital Corp · Q4 2019 earnings

Q4 2019 earnings · · Investor relations

Briefing

Ares Capital reported fourth quarter financial results

Ares Capital Corporation reported GAAP net income of $204 million or $0.48 per share, Core EPS of $0.45 per share, and net investment income of $190 million or $0.44 per share for Q4 2019.

  • Ares Capital reported GAAP net income of $204 million, or $0.48 per share for the fourth quarter of 2019.
  • Core EPS for the fourth quarter of 2019 was $0.45 per share.
  • Net investment income for the fourth quarter of 2019 was $190 million, or $0.44 per share.
  • As of December 31, 2019, total assets were $14.9 billion, and stockholders’ equity was $7.5 billion.

Headline financials

Total Revenue

$386M

Previous: $345M+11.9%
EPS (adj)

$0.45

Previous: $0.45+0.0%
Debt/equity ratio

0.9%

Previous: 0.7%+30.1%
Number of portfolio investments

354

Previous: 344+2.9%
Loans on non-accrual status (amortized cost)

1.9%

No prior period
Weighted avg yield on debt securities (amortized cost)

9.6%

No prior period
Weighted avg yield on debt securities (fair value)

9.7%

No prior period
Weighted avg grade of portfolio (fair value)

3

No prior period
Net Income

$204M

No prior period
Cash & Equivalents

$176M

No prior period
Total Assets

$14.9B

No prior period

Revenue & EPS history

Ares Capital · Revenue · Quarterly

$386M

Q4 2019+11.9%vs Q4 2018
Beat estimate in 12 of 16 quarters(75%)
ActualEstimate

Forward guidance

Ares Capital has significant available capital and believes it is well positioned to be opportunistic to find attractive investments in varying market conditions.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2019

Historical avgQ4 2019

+0.2%

Avg return

Earnings day

+0.5%

Avg return

5 days after

+1.3%

Avg return

30 days after

56%

36 / 64 earnings

Positive

+6.5%

Q3 2022

Best reaction

-9.2%

Q2 2011

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.8%+3.4%+1.0%
Q4 2025+0.5%+1.8%-2.0%
Q3 2025+1.1%+0.1%+0.9%
Q1 2025-2.7%-2.1%+3.5%
Q4 2024-3.0%-3.9%-3.4%
Q3 2024-2.0%-3.2%+2.7%
Q2 2024+0.2%-2.9%+0.6%
Q1 2024-0.3%+1.4%+4.7%
Q4 2023+0.4%+1.3%+2.9%
Q3 2023+0.5%-0.8%+5.5%
Q2 2023+1.0%-0.4%-2.1%
Q1 2023-3.5%+0.1%+1.1%
Q4 2022+1.8%+0.7%-5.9%
Q3 2022+6.5%+7.8%+8.3%
Q2 2022+2.7%+0.9%+6.8%
Q1 2022-4.1%-6.6%-10.6%
Q4 2021-2.1%-4.5%-10.5%
Q3 2021+1.2%+0.7%-3.1%
Q2 2021-1.3%-0.5%+0.0%
Q1 2021+0.1%-2.4%-0.7%
Q4 2020-1.2%-0.4%+3.1%
Q3 2020-0.8%-1.3%+19.9%
Q2 2020+2.4%+3.0%-1.4%
Q1 2020+6.4%+9.3%+25.9%
Q4 2019-0.2%-1.0%-23.7%
Q3 2019-1.2%+0.1%+1.1%
Q2 2019+1.9%+1.2%+3.3%
Q1 2019+0.2%+0.4%+0.4%
Q4 2018+2.9%+3.4%+3.0%
Q3 2018+6.0%+6.5%+4.7%
Q2 2018+2.3%+3.1%+3.6%
Q1 2018+1.3%+2.6%+5.7%
Q4 2017+3.2%+2.6%-1.6%
Q3 2017-0.3%+0.9%+1.0%
Q2 2017-0.1%+0.1%-1.6%
Q1 2017-4.8%-5.4%-4.0%
Q4 2016+0.5%+0.5%-1.9%
Q3 2016+0.4%+0.7%+6.1%
Q2 2016+2.8%+2.3%+8.4%
Q1 2016+0.1%
Q4 2015+3.6%
Q3 2015+1.2%
Q2 2015-0.3%
Q1 2015-4.2%
Q4 2014+1.6%
Q3 2014+1.4%
Q2 2014-1.4%
Q1 2014-3.5%
Q4 2013-0.9%
Q3 2013+2.4%
Q2 2013-3.9%
Q1 2013-0.1%
Q4 2012+2.0%
Q3 2012-0.5%
Q2 2012+2.1%
Q1 2012-2.4%
Q4 2011+2.3%
Q3 2011-3.1%
Q2 2011-9.2%
Q1 2011-1.3%
Q4 2010-2.0%
Q3 2010+2.0%
Q2 2010+2.4%
Q1 2010+3.0%

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