Crescent Capital BDC Inc Announces Financial Results for Q2 2024
Intellectia.AI Updated: 2024-08-13
Crescent Capital BDC, Inc. Announces Financial Results for Q2 2024
LOS ANGELES, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Q1 2024 | Wall Street Estimates (Q2 2024) |
|---|---|---|---|---|
| Total Revenue | $48.9M | $46.7M | $47.65M | $47.65M |
| Earnings per Share (EPS) | $0.55 | - | $0.58 | $0.58 |
| Net Investment Income per Share | $0.59 | - | - | - |
| Net Asset Value (NAV) per Share | $20.30 | - | $20.28 | - |
Interpretation of Financial Performance: Crescent Capital BDC exceeded Wall Street's consensus estimates for both revenue and EPS in Q2 2024. Total revenue increased year-over-year from $46.7 million to $48.9 million, indicating strong growth. The EPS of $0.55 fell slightly short of Q1 2024 but met the consensus estimate, reflecting steady earnings performance.
Segment Revenue Performance
| Portfolio | Q2 2024 | Q1 2024 | Aggregate Fair Value as of Q2 2024 |
|---|---|---|---|
| Investments in Portfolio Companies | $1,610.8M | $1,582.1M | $1,610.8M |
| New Investments in Portfolio Companies | $119.3M | $73.9M | - |
| Exits, Sales, and Repayments | $73.4M | $98.4M | - |
Segment Performance Interpretation: The company showed significant activity with investments totaling $119.3 million across six new portfolio companies in Q2 2024, compared to $73.9 million in Q1 2024. This suggests active investment strategy and portfolio growth. Exits, sales, and repayments decreased from $98.4 million in Q1 2024 to $73.4 million in Q2 2024.
Key Operational Data
| Operational Data | Q2 2024 |
|---|---|
| Cash and Cash Equivalents | $36.1M |
| Undrawn Credit Facilities Capacity | $293.8M |
| Debt to Equity Ratio | 1.18x |
Comments from Company’s Officers
Key comments from the company's officers were not provided in the earnings release.
Dividend and Share Repurchase Program
The Company declared a third quarter 2024 regular cash dividend of $0.42 per share, payable on October 15, 2024, and a second quarter 2024 supplemental cash dividend of $0.09 per share, payable on September 16, 2024.
Forward Guidance
The earnings release did not provide explicit forward guidance.
Stock Price Movement
Following the earnings release, Crescent Capital BDC’s stock price increased by 0.96%.
For more detailed information, investors are invited to participate in the webcast/conference call on August 13, 2024, at 12:00 p.m. (Eastern Time).
For more information, please visit Crescent BDC's website at www.crescentbdc.com.