Published on 3 May 2024 on Zacks via Yahoo Finance
Hercules Capital (HTGC) Q1 Earnings Beat Despite Higher Costs
Hercules Capital Inc.’s HTGC first-quarter 2024 net investment income of 50 cents per share outpaced the Zacks Consensus Estimate of 48 cents. The bottom line reflects a rise of 4.2% from the year-ago quarter.Results were primarily aided by an increase in the total investment income. Also, the balance sheet position remained strong and new commitments were robust. However, a rise in operating expenses was a headwind.Net investment income was $79.2 million, up 20.9% year over year.
Total Investment Income Improves, Expenses Rise
Total investment income in the quarter was $121.6 million, jumping 15.7% from the year-ago quarter. The top line also beat the Zacks Consensus Estimate of $119.6 million.Total gross operating expenses increased 7.1% year over year to $45.3 million. The rise was due to an increase in almost all cost components, except for tax expenses.