Prospect Capital Corp Earnings: Profit Up

Prospect Capital Corporation (NASDAQ:PSEC) reported net income above Wall Street’s expectations for the second quarter. Prospect Capital is engaged as a financial services company that primarily lends to and invests in middle market privately-held companies. It is a closed-end investment company.

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Prospect Capital Earnings Cheat Sheet for the Second Quarter

Results: Net income for Prospect Capital Corporation rose to $64.5 million (59 cents per share) vs. $31.9 million (37 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Actual vs. Wall St. Expectations: Prospect Capital Corporation reported adjusted net income of 33 cents per share. By that measure, the company beat the mean estimate of 29 cents per share.

Key Stats:

The company beat estimates last quarter after falling short in the previous two quarters. In the first quarter, it missed the mark by one cent, and in the fourth quarter of the last fiscal year, it fell short by 5 cents.

Looking Forward: Analysts have a positive outlook for the company’s performance next quarter. Over the past seven days, the average estimate for the third quarter has gone up to 28 cents a share from 27 cents. The average estimate for the fiscal year has risen to $1.10 per share from $1.08 in the past month.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com