OnDeck Capital (ONDK) reported earnings on Thur 2 May 19 (b/o)

** charts after earnings **

OnDeck Capital misses by $0.01, reports revs in-line; guides Q2 revs below consensus; reaffirms profit but lowers FY19 revs below consensus and loan growth guidance

• Reports Q1 (Mar) earnings of $0.10 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $0.11; revenues rose 22.0% year/year to $110.2 mln vs the $110.23 mln S&P Capital IQ Consensus. Loans grew 3% sequentially and 19% from a year ago to $1.2 billion. Originations were $636 million, down from $658 million in the fourth quarter and up 8% from $591 million in the year-ago quarter.
• Co issues downside guidance for Q2, sees Q2 revs of $102-112 mln vs. $112.26 mln S&P Capital IQ Consensus.
• Co issues downside guidance for FY19, lowers FY19 revs to $435-455 mln from $445-465 mln vs. $459.45 mln S&P Capital IQ Consensus; reaffirms adj. net income $30-40 mln. Lowers forecast to high single-digit percentage growth in Loans from double digits, reaffirms a stable Net Interest Margin and A slight increase in the Adjusted Efficiency Ratio, A Provision Rate near the midpoint of our 6-7% target range. 
• "Our first quarter results reflect the continued execution of our strategy as we prudently grew the portfolio and maintained strong margins while investing in our strategic growth initiatives," said Noah Breslow, chief executive officer. "These initiatives are gaining momentum as we closed our business combination with Evolocity Financial Group in Canada, grew ODX volume and advanced our equipment finance offering by insourcing key processes and starting to fund loans on our balance sheet. While the economic environment remains healthy, we continue to monitor customer and market trends and adjust our risk decisioning accordingly."