Prospect Capital Nearly Doubles Net Income in Q2

By Eric Volkman – Feb 3, 2014 at 5:32PM

NASDAQ: PSEC

Prospect Capital

Market Cap

Today's Change

(1.39%) $0.07

Current Price

$5.47

Price as of April 23, 2024, 4:00 p.m. ET

Fast-growing Prospect Capital notches a very profitable quarter.

On a down day for the market, shares of Prospect Capital (PSEC 1.39%) are slightly higher in post-market trading following the release of the company's Q2 results. For the quarter, total investment income was just over $178 million, which bettered the $166 million in the same period the previous year. Net increase in net assets resulting from operations -- essentially, Prospect's bottom line -- came in at $85.4 million ($0.30 per share), 84% higher than Q2 2013's $46.5 million ($0.24).

Analysts had been expecting total investment income of $174 million and EPS of $0.32.

Following the announcement of the results, the company's stock advanced by 1%, or $0.10, to $10.73 in after-hours trading.

Prospect Capital is one of the quicker-growing firms in the business development company segment. It has managed to grow its asset base from $1.7 billion in September 2011 to nearly $5.2 billion in Q2.

Eric Volkman has no position in Prospect Capital. Nor does The Motley Fool. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.