Golub Capital Middle Market Report
Featuring the Golub Capital Altman Index
Earnings in the U.S. Middle Market Grew by more than 13% in Q3 2019
Overall, Index revenue grew by nearly 10% during the first two months of the third quarter.
The Golub Capital Altman Index can provide early insight into financial performance of public companies and GDP in advance of earnings season
Golub Capital Altman Index Highlights
|Year-Over-Year ("YoY") Growth||Revenue||Earnings|
|Key Sectors Q3 2019 (YoY)||Revenue||Earnings|
Lawrence E. Golub, CEO of Golub Capital, said:
We continue to see very strong growth among U.S. businesses selling primarily to U.S. customers. The Golub Capital Altman Index for the third quarter of 2019 posted an eighth consecutive quarter of revenue growth at or near double-digit rates, and a sixth consecutive quarter of earnings growth at or near double-digit rates. Profit margins generally expanded in the third quarter despite a very tight labor market. This suggests that even though U.S. workers are earning more, companies continue to be smart about improving efficiency. We expect U.S. businesses that focus on the U.S. market to remain resilient despite a currently softening outlook for global growth.
About the Golub Capital Altman Index
The Golub Capital Altman Index is provided as an indicator only and does not constitute investment advice or the offer to sell or a solicitation to buy any security. Some of these statements constitute forward-looking statements, which may be predictions about future events, future performance, or future financial conditions. Some of these statements reflect opinions based upon the data presented in the Index, and these opinions may be incorrect. Actual results could vary materially from those implied or expressed in such forward-looking statements for any reason. The Golub Capital Altman Index has been created on the basis of information provided by third-party sources that are believed to be reliable, but the information has not been verified independently by Golub Capital. Golub Capital makes no warranty or representation as to the accuracy or completeness of such third-party information.
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- The Golub Capital Altman Index (GCAI) data for Q2 2021 are presented solely for the purpose of continuity. Readers are encouraged to interpret the data from those periods with caution. The GCAI is designed to offer early insight into the performance of the U.S. economy, based on data from the first two months of each calendar quarter. GCAI results for Q2 2021 were based on data from April and May 2021 compared to April and May 2020, when many businesses were affected by lockdowns and other restrictions.
- Effective Q2 2022, the Golub Capital Altman Index (GCAI) excludes Golub Capital portfolio companies that have recurring revenue-based credit facilities. The data referenced herein may not reflect all companies in the loan portfolio of Golub Capital during the time periods indicated.