NYSE$IVR

Invesco Mortgage Capital Inc · Q4 2019 earnings

Q4 2019 earnings · · Investor relations

Briefing

Reported core earnings of $0.52 per common share, exceeding dividends for the fifth consecutive quarter due to active portfolio management and hedging.

Invesco Mortgage Capital Inc. reported a net income per common share of $0.75 for Q4 2019, compared to $0.57 in Q3 2019. Core earnings per common share increased to $0.52, up from $0.47 in the previous quarter. The company raised its common stock dividend to $0.50 and maintained a stable book value per common share at $16.29.

  • Net income per common share was $0.75, compared to $0.57 in Q3 2019.
  • Core earnings per common share increased to $0.52, up from $0.47 in Q3 2019.
  • Common stock dividend raised to $0.50, compared to $0.45 in Q3 2019.
  • Book value per common share remained stable at $16.29, compared to $16.31 at Q3 2019.

Headline financials

Total Revenue

$86M

Previous: $74.5M+15.4%
EPS (adj)

$5.20

Previous: $4.60+13.0%
Average Earning Assets

$21.3B

No prior period
Average Borrowings

$19.7B

No prior period
Average Total Stockholders' Equity

$2.6B

No prior period
Total Interest Income

$193M

No prior period
Total Interest Expense

$107M

No prior period
Net Interest Income

$86M

No prior period
Total Expenses

$12.4M

No prior period
Net Income Attributable to Common Stockholders

$107M

No prior period
Average Earning Asset Yields

3.6%

No prior period
Average Cost of Funds

2.2%

No prior period
Average Net Interest Rate Margin

1.4%

No prior period
Period-End Weighted Average Asset Yields

3.9%

No prior period
Period-End Weighted Average Cost of Funds

2.1%

No prior period
Period-End Weighted Average Net Interest Rate Margin

1.8%

No prior period
Book Value Per Common Share

$16.29

No prior period
Earnings Per Common Share (Basic)

$0.75

No prior period
Debt-to-Equity Ratio

6.5

No prior period
Earnings Available for Distribution

$74.9M

No prior period
Effective Interest Expense

$101M

No prior period
Effective Net Interest Income

$97.1M

No prior period
Effective Cost of Funds

2.0%

No prior period
Effective Interest Rate Margin

1.7%

No prior period
Earnings Available for Distribution Per Common Share

$0.52

No prior period
Net Income

$118M

Previous: -$161M+173.2%
Operating Income

$118M

No prior period
Cash & Equivalents

$173M

Previous: $136M+27.2%
Total Assets

$22.3B

Previous: $17.8B+25.4%

Revenue & EPS history

Invesco Mortgage Capital · Revenue · Quarterly

$86M

Q4 2019+15.4%vs Q4 2018
Beat estimate in 2 of 16 quarters(13%)
ActualEstimate

Forward guidance

The company enters 2020 on a strong note, having raised an additional $347 million in common equity earlier in February and aims to build upon the positive momentum achieved in 2019.

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

-0.1%

Avg return

Earnings day

-0.5%

Avg return

5 days after

-2.8%

Avg return

30 days after

46%

30 / 65 earnings

Positive

+13.3%

Q3 2020

Best reaction

-8.4%

Q3 2013

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.0%+1.7%-2.7%
Q4 2025-3.4%-0.1%-5.3%
Q3 2025+0.3%+0.4%+9.2%
Q2 2025-0.4%-0.4%-1.7%
Q1 2025+1.8%+3.8%+3.0%
Q4 2024-0.9%-1.3%-3.1%
Q3 2024-1.0%+3.5%+3.7%
Q2 2024+1.4%-0.5%+0.1%
Q1 2024+1.4%+1.4%+0.4%
Q4 2023-0.1%+2.1%+9.2%
Q3 2023-3.6%-4.4%+2.8%
Q2 2023-2.2%-1.9%-3.4%
Q1 2023+6.6%+4.6%+3.7%
Q4 2022-4.2%-6.1%-23.3%
Q3 2022-2.2%+2.0%+14.3%
Q2 2022+2.0%+1.9%-7.9%
Q1 2022-8.1%-9.7%-5.4%
Q4 2021-6.3%-11.4%-13.7%
Q3 2021+1.9%+2.8%-7.8%
Q2 2021-6.7%-7.9%-9.6%
Q1 2021-5.2%-7.3%-12.3%
Q4 2020+3.2%+5.1%+4.9%
Q3 2020+13.3%+11.8%+17.8%
Q2 2020+3.8%+3.8%-8.9%
Q1 2020-3.7%-15.4%-21.9%
Q4 2019+0.5%-0.8%-69.4%
Q3 2019+3.5%+2.9%+5.1%
Q2 2019+2.6%+1.7%-7.5%
Q1 2019-0.2%-0.7%-1.6%
Q4 2018-0.4%+0.0%+0.7%
Q3 2018-0.8%-0.1%+2.1%
Q2 2018-1.4%-1.9%+1.3%
Q1 2018+2.3%-0.1%+1.6%
Q4 2017-2.1%-1.3%-0.1%
Q3 2017-1.5%-1.7%+7.5%
Q2 2017+1.9%+0.8%+0.5%
Q1 2017+0.4%-2.9%+2.7%
Q4 2016-0.2%-1.4%-2.6%
Q3 2016+0.7%+0.1%-2.1%
Q2 2016+4.7%+5.7%+7.7%
Q1 2016+4.4%
Q4 2015+5.1%
Q3 2015+2.3%
Q2 2015+0.3%
Q1 2015+1.0%
Q4 2014+3.4%
Q3 2014-2.4%
Q2 2014+0.5%
Q1 2014+0.3%
Q4 2013-1.8%
Q3 2013-8.4%
Q2 2013-3.3%
Q1 2013-3.4%
Q4 2012-1.1%
Q4 2011-1.3%
Q3 2012+1.3%
Q2 2012-2.5%
Q1 2012-0.3%
Q3 2011-1.0%
Q2 2011+4.8%
Q1 2011+0.5%
Q4 2010+0.6%
Q3 2010-1.5%
Q2 2010-0.6%
Q1 2010-1.0%

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