Eagle Point Credit (ECC) Reports In-Line Q2 EPS, Miss on Revenues

Eagle Point Credit (NYSE: ECC) reported Q2 EPS of $0.53, in-line with the analyst estimate of $0.53. Revenue for the quarter came in at $15.5 million versus the consensus estimate of $16.91 million.

SECOND QUARTER 2017 HIGHLIGHTS

• Net investment income (“NII”) and realized capital gains of $0.53 per weighted average common share1.
• NAV per common share of $17.53 as of June 30, 2017.
• Net income (inclusive of unrealized mark-to-market gains) of $15.5 million, or $0.88 per weighted average common share.
• Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) equity portfolio was 15.68% as of June 30, 2017.
• Deployed $57.0 million in net capital and received $30.8 million in cash distributions from the Company’s portfolio in the second quarter of 2017.
• 10 of the Company’s CLOs refinanced their debt tranches and one CLO was reset during the second quarter of 2017.
• Completed follow-on offering of 1.553 million shares of common stock (including full exercise of the underwriters’ overallotment option) at a premium to NAV, resulting in net proceeds to the Company of approximately $28.7 million.

For earnings history and earnings-related data on Eagle Point Credit (ECC) click here.

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