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Owl Rock Capital's (ORCC) Q2 Earnings Miss, Decrease Y/Y
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Owl Rock Capital Corporation’s second-quarter 2020 earnings per share of 34 cents missed the Zacks Consensus Estimate by 8.1%. Moreover, the bottom line declined 19% year over year.
This downside was mainly due to the COVID-19-led turmoil in the financial markets.
Quarter in Detail
In the quarter, total investment income was $190.2 million, up 8% year over year. This upside can be attributed to a strengthened investment portfolio. However, the same was partly offset by a decline in portfolio yield.
New investment commitments were $342.7 million, down 53.1% year over year.
The company concluded the second quarter with investments in 102 portfolio companies with an aggregate fair value of $9.2 billion.
Net operating expenses of $101 million rose 79.2% year over year due to higher management fees, performance-based incentive fees and professional fees.
Owl Rock Capital Corporation Price, Consensus and EPS Surprise
The company declared a third-quarter dividend of 31 cents per share and had previously cleared a special dividend of 8 cents for its stockholders of record as of Sep 30, 2020. The amount will be paid out on or before Nov 13, 2020.
Financial Update
As of Jun 30, 2020, the company’s interest expenses of $39 million increased 6.3% year over year.
As of Jun 30, 2020, the company had cash and restricted cash of $0.2 billion, an amount of $3.5 billion in total principal value of debt outstanding and $1.7 billion of undrawn capacity in credit facilities.
As of Jun 30, 2020, the company had total assets worth $9.5 billion, up 3.2% from the level at 2019-end.
It ended the second quarter with $3.5 billion debt, up 15% from the level at last-year end.
Of the other companies in the finance sector that already reported second-quarter earnings, the bottom-line results of American Express Company (AXP - Free Report) , Visa Inc. (V - Free Report) and Synchrony Financial (SYF - Free Report) beat the respective Zacks Consensus Estimate.
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Owl Rock Capital's (ORCC) Q2 Earnings Miss, Decrease Y/Y
Owl Rock Capital Corporation’s second-quarter 2020 earnings per share of 34 cents missed the Zacks Consensus Estimate by 8.1%. Moreover, the bottom line declined 19% year over year.
This downside was mainly due to the COVID-19-led turmoil in the financial markets.
Quarter in Detail
In the quarter, total investment income was $190.2 million, up 8% year over year. This upside can be attributed to a strengthened investment portfolio. However, the same was partly offset by a decline in portfolio yield.
New investment commitments were $342.7 million, down 53.1% year over year.
The company concluded the second quarter with investments in 102 portfolio companies with an aggregate fair value of $9.2 billion.
Net operating expenses of $101 million rose 79.2% year over year due to higher management fees, performance-based incentive fees and professional fees.
Owl Rock Capital Corporation Price, Consensus and EPS Surprise
Owl Rock Capital Corporation price-consensus-eps-surprise-chart | Owl Rock Capital Corporation Quote
Dividend Update
The company declared a third-quarter dividend of 31 cents per share and had previously cleared a special dividend of 8 cents for its stockholders of record as of Sep 30, 2020. The amount will be paid out on or before Nov 13, 2020.
Financial Update
As of Jun 30, 2020, the company’s interest expenses of $39 million increased 6.3% year over year.
As of Jun 30, 2020, the company had cash and restricted cash of $0.2 billion, an amount of $3.5 billion in total principal value of debt outstanding and $1.7 billion of undrawn capacity in credit facilities.
As of Jun 30, 2020, the company had total assets worth $9.5 billion, up 3.2% from the level at 2019-end.
It ended the second quarter with $3.5 billion debt, up 15% from the level at last-year end.
Zacks Rank & Peer Releases
Owl Rock Capital currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Of the other companies in the finance sector that already reported second-quarter earnings, the bottom-line results of American Express Company (AXP - Free Report) , Visa Inc. (V - Free Report) and Synchrony Financial (SYF - Free Report) beat the respective Zacks Consensus Estimate.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>