Diana Shipping (DSX) Misses Q1 EPS by 8c, Revenues Miss

Diana Shipping (NYSE: DSX) reported Q1 EPS of ($0.13), $0.08 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $43.76 million versus the consensus estimate of $44.48 million.

For the Quarter Ended March 31, 2020:

• Revenues. Revenues increased approximately $3.7 million or 14.8% to $28.4 million as compared to $24.7 million in the prior year.
• Gross Margin. Gross margin improved to 36.3% compared to 33.0% in the first quarter of 2019.
• Expenses. Operating expenses increased to $7.8 million or 27.5% of sales as compared to $5.7 million or 23.0% of sales in the prior year period. The increase was primarily due to $0.7 million in expenses associated with the Company’s annual dealer conference. The 2019 dealer conference took place in the second quarter.
• Foreign Currency Exchange. Foreign Currency Exchange loss increased to $0.4 million in the first quarter compared to $0.02 million in the first quarter last year.
• Net income. Net income was $1.6 million, or $0.06 per basic and diluted share versus net income of $1.9 million, or $0.07 per basic and diluted share in the first quarter of 2019.
• EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $2.6 million, or 9.1% of sales, as compared to $2.8 million in the prior year1.
• As of March 31, 2020, XPEL had cash and cash equivalents of $14.8 million compared to $11.5 million at December 31, 2019.

For earnings history and earnings-related data on Diana Shipping (DSX) click here.

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