Main Street Capital (MAIN) Reports In-Line Q1 EPS

Main Street Capital (NYSE: MAIN) reported Q1 EPS of $0.59, in-line with the analyst estimate of $0.59. Revenue for the quarter came in at $0 versus the consensus estimate of $53.54 million.

First Quarter 2018 Highlights

• Net investment income of $37.0 million (or $0.63 per share), representing a 19% increase from the first quarter of 2017
• Distributable net investment income(1) of $39.3 million (or $0.67 per share), representing a 17% increase from the first quarter of 2017
• Total investment income of $55.9 million, representing a 17% increase from the first quarter of 2017
• Industry leading ratio of total non-interest operating expenses as a percentage of quarterly average total assets (\"Operating Expense to Assets Ratio\") on an annualized basis of 1.5%
• Net increase in net assets resulting from operations of $34.5 million (or $0.59 per share)
• Return on equity(2) for the trailing twelve month period ended March 31, 2018 of 13.1%
• Declared regular monthly dividends totaling $0.57 per share for the second quarter of 2018, or $0.19 per share for each of April, May and June 2018, representing a 2.7% increase from the regular monthly dividends paid for the second quarter of 2017
• Net asset value of $23.67 per share at March 31, 2018, representing an increase of $0.14 per share, or 0.6%, compared to $23.53 per share at December 31, 2017
• Completed $151.0 million in total LMM portfolio investments, including investments totaling $143.0 million in five new LMM portfolio companies, which after aggregate repayments of debt principal and return of invested equity capital from several LMM portfolio investments resulted in a net increase of $121.2 million in total LMM portfolio investments
• Net decrease of $1.3 million in middle market portfolio investments
• Net increase of $31.7 million in private loan portfolio investments
• Fully exited portfolio company equity investment in Hydratec, Inc., realizing a gain of $7.9 million and on a cumulative basis including debt and equity investments, realized a total internal rate of return of 17.9% and 2.7 times money invested
• Fully exited portfolio company debt and equity investments in SoftTouch Medical Holdings, LLC, realizing a gain of $5.2 million, a total internal rate of return of 24.2% and 1.8 times money invested

For earnings history and earnings-related data on Main Street Capital (MAIN) click here.

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