PennantPark Floating Rate Capital Ltd Reports Third Quarter Financial Results
Intellectia.AI Updated: 2024-08-08
PennantPark Floating Rate Capital Ltd. Reports Third Quarter Financial Results
MIAMI, Aug. 07, 2024 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) announced today its financial results for the third quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 Actual | Q3 2023 Actual | YoY Comparison | Consensus Estimate (Q3 2024) |
|---|---|---|---|---|
| Total Revenue (millions) | $48.5 | $37.7 | +28.7% | $45.1 |
| Earnings Per Share (EPS) | $0.31 | $0.36 | -13.9% | $0.32 |
Interpretation: PennantPark Floating Rate Capital Ltd. saw a significant increase in total revenue year-over-year, rising by 28.7%. However, EPS decreased by 13.9% compared to the same quarter last year. The total revenue exceeds analysts’ estimates, but EPS fell just short of expectations.
Segment Revenue Performance
| Segment | Q3 2024 Revenue (millions) | Q3 2023 Revenue (millions) | YoY Comparison |
|---|---|---|---|
| First Lien Secured Debt | $42.7 | $30.4 | +40.5% |
| Other Investments | $5.8 | $7.3 | -20.5% |
Interpretation: The first lien secured debt segment showed strong growth of 40.5% year-over-year, reflecting a robust expansion in the debt portfolio. However, revenue from other investments declined by 20.5%, which could be an area of concern.
Operational Data
| Operational Data | June 30, 2024 | September 30, 2023 |
|---|---|---|
| Portfolio Value (millions) | $1,658.9 | $1,067.2 |
| First Lien Secured Debt (millions) | $1,449.2 | $906.2 |
| Preferred and Common Equity (millions) | $208.6 | $160.9 |
| Average Investment Size (millions) | $11.0 | $8.1 |
| Portfolio Companies (number) | 151 | 131 |
| Yield on Debt Investments | 12.1% | 12.6% |
Interpretation: The portfolio value has increased significantly along with the average investment size and number of portfolio companies, indicating considerable growth and diversification.
Key Officer Comments
Art Penn, Chairman and CEO, expressed satisfaction with the company's performance. He emphasized active investment in middle-market loans and proactive growth in investment capacity to enhance income.
Dividends Announced
For the three and nine months ended June 30, 2024, PennantPark declared total distributions of $0.3075 and $0.9225 per share respectively.
Forward Guidance
No specific forward guidance was provided.
Stock Price Movement
The stock price showed a slight decrease of -0.09% following the earnings release.
This professional earnings summary highlights significant aspects of PennantPark Floating Rate Capital Ltd.'s financial performance and operational data for the third quarter ended June 30, 2024. The company presented considerable revenue growth and notable achievements in its primary investment segments, reflecting strategic growth and robust portfolio management.
