Danaos Corporation (DAC) Tops Q3 EPS by 32c, Revenues Beat

Danaos Corporation (NYSE: DAC) reported Q3 EPS of $2.46, $0.32 better than the analyst estimate of $2.14. Revenue for the quarter came in at $111.83 million versus the consensus estimate of $108.82 million.

Highlights for the Third Quarter and Nine Months Ended September 30, 2019:

• Adjusted net income1 of $37.9 million, or $2.46 per share2, for the three months ended September 30, 2019 compared to $37.5 million, or $3.17 per share2, for the three months ended September 30, 2018, an increase of 1.1%. Adjusted net income1 of $110.7 million, or $7.23 per share2, for the nine months ended September 30, 2019 compared to $94.6 million, or $10.30 per share2, for the nine months ended September 30, 2018, an increase of 17.0%.
• Operating revenues of $111.8 million for the three months ended September 30, 2019 compared to $117.8 million for the three months ended September 30, 2018, a decrease of 5.1%. Operating revenues of $337.0 million for the nine months ended September 30, 2019 compared to $343.1 million for the nine months ended September 30, 2018, a decrease of 1.8%.
• Adjusted EBITDA1 of $79.3 million for the three months ended September 30, 2019 compared to $82.7 million for the three months ended September 30, 2018, a decrease of 4.1%. Adjusted EBITDA1 of $232.4 million for the nine months ended September 30, 2019 compared to $237.7 million for the nine months ended September 30, 2018, a decrease of 2.2%.
• Total contracted operating revenues were $1.4 billion as of September 30, 2019, with charters extending through 2028 and remaining average contracted charter duration of 4.3 years, weighted by aggregate contracted charter hire.
• Charter coverage of 89% for the next 12 months based on current operating revenues and 75% in terms of contracted operating days.

For earnings history and earnings-related data on Danaos Corporation (DAC) click here.

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