Ares Capital Q1 Results Miss View; Declares Dividend - Quick Facts

(RTTNews) - Ares Capital Corp. (ARCC), a specialty finance company, reported Wednesday that its first-quarter net income increased to $131.5 million or $0.42 per share from $100.6 million or $0.32 per share last year.

Core earnings per share were $0.37 same as last year.

On average, 17 analysts polled by Thomson Reuters expected earnings of $0.39 per share. Analysts' estimates typically exclude special items.

Net investment income declined to $112.7 million or $0.36 per share from $121.7 million or $0.39 per share a year ago.

Total investment income declined to $248.05 million from $253.25 million last year. Analysts were looking for $256.07 million.

Ares Capital Chief Executive Officer, Kipp deVeer, said, "The portfolio continues to perform well — we saw an increase in book value and decreases in our non-accruals to near historic low levels. We feel the Company is well positioned for the remainder of 2016 and see interesting opportunities ahead."

Further, Ares Capital announced that its Board of Directors has declared a second quarter dividend of $0.38 per share, payable on June 30 to stockholders of record as of June 15.