NYSE$DX

Dynex Capital Inc · Q1 2020 earnings

Q1 2020 earnings · · Investor relations

Briefing

Reported first quarter 2020 results, demonstrating resilience amidst extreme market volatility.

Dynex Capital reported a comprehensive loss of $(1.45) per common share but earned core net operating income of $0.51 per common share, exceeding dividends declared of $0.45 per common share. The company reduced its MBS portfolio by approximately 28% and repositioned its hedging portfolio.

  • Comprehensive loss of $(1.45) per common share.
  • Core net operating income of $0.51 per common share, a non-GAAP measure.
  • Net interest spread and adjusted net interest spread of 1.32% and 1.47%, respectively.
  • MBS portfolio reduced by approximately 28% to $3.7 billion.

Headline financials

Total Revenue

$125M

Previous: $40M+211.8%
EPS (adj)

$0.51

Previous: $0.54-5.6%
Net Interest Spread

1.3%

No prior period
Economic Net Interest Spread

1.5%

No prior period
Free Cash Flow

-$98.5M

Previous: -$52.2M-88.6%
Net Income

-$98.5M

Previous: -$52.2M-88.6%
Operating Income

$121M

Previous: $37.4M+223.7%
Gross Profit

$125M

Previous: $40M+211.8%
Cash & Equivalents

$51.4M

Previous: $55.9M-8.0%
Total Assets

$5.37B

Previous: $5.04B+6.7%

Revenue & EPS history

Dynex Capital · Revenue · Quarterly

$125M

Q1 2020+211.8%vs Q1 2019
Beat estimate in 5 of 16 quarters(31%)
ActualEstimate

Forward guidance

Company has the flexibility, capital and liquidity to make investments and sees opportunities to invest capital today. Post quarter-end, market conditions have improved and the company will continue its disciplined capital management as it assess the evolving risk environment.

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 Q1 2020

Historical avgQ1 2020

-0.6%

Avg return

Earnings day

+0.3%

Avg return

5 days after

+0.3%

Avg return

30 days after

41%

27 / 66 earnings

Positive

+13.5%

Q1 2022

Best reaction

-10.4%

Q2 2015

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.7%+1.1%-5.5%
Q4 2025+0.0%-5.1%-4.5%
Q3 2025+0.2%+0.1%+0.2%
Q2 2025-0.5%-1.1%-0.8%
Q1 2025-1.8%+4.8%+3.1%
Q4 2024+1.2%+5.1%+10.5%
Q3 2024-1.3%-1.7%-1.7%
Q2 2024+1.0%-1.0%+0.3%
Q1 2024+1.0%+1.8%+5.0%
Q4 2023-1.5%-2.8%-4.3%
Q3 2023-4.7%-10.0%+6.8%
Q2 2023+5.9%+5.6%-1.4%
Q1 2023-1.0%+0.5%-8.3%
Q4 2022-3.8%-2.4%-13.8%
Q3 2022-2.1%+3.2%+11.0%
Q2 2022-0.5%+1.9%-4.4%
Q1 2022+13.5%+13.7%+12.9%
Q4 2021+0.8%+3.6%-3.5%
Q3 2021-1.5%-0.2%-3.3%
Q2 2021+2.0%-0.2%+1.8%
Q1 2021+2.9%+3.2%-0.1%
Q4 2020+3.6%-2.3%+2.0%
Q3 2020+5.2%+4.4%+12.0%
Q2 2020+1.0%-0.1%+4.6%
Q1 2020-3.2%-6.7%+6.6%
Q4 2019+5.1%+5.9%-2.4%
Q3 2019+5.6%+3.7%+9.2%
Q2 2019-3.7%-6.3%-16.8%
Q1 2019-1.5%-2.0%-9.8%
Q4 2018-2.6%-1.6%-1.6%
Q3 2018+0.0%+1.0%+1.9%
Q2 2018-2.7%-3.9%-2.7%
Q1 2018-1.5%+0.6%-1.5%
Q4 2017-0.6%+1.8%+1.3%
Q3 2017+0.3%-1.1%+2.3%
Q2 2017+3.2%+2.9%+4.0%
Q1 2017-5.9%-6.0%-5.7%
Q4 2016+1.3%+1.5%+3.3%
Q3 2016-4.2%-2.6%-2.5%
Q2 2016+2.1%+4.5%+7.3%
Q1 2016-5.3%
Q4 2015+2.9%
Q3 2015+3.3%
Q2 2015-10.4%
Q1 2015-2.4%
Q4 2014-0.4%
Q3 2014+1.0%
Q2 2014-1.7%
Q1 2014-0.5%
Q4 2013-2.4%
Q3 2013-3.5%
Q2 2013-10.2%
Q1 2013-0.2%
Q1 2010+0.3%
Q4 2012-0.8%
Q3 2012-0.9%
Q2 2012+1.8%
Q4 2011+1.8%
Q1 2011+1.5%
Q1 2012+0.7%
Q3 2010-0.6%
Q3 2011-0.6%
Q2 2011-5.8%
Q4 2010-5.8%
Q4 2009-5.8%
Q2 2010-5.8%

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