Wednesday, container-ship company Danaos Corp. (DAC), reported a lower profit for the third quarter ended September 30, impacted by rise in expenses, as well as a significant loss on fair value of derivatives. Earnings for the quarter came in ahead of analysts expectations, while revenues fell short.
The Piraeus, Greece-based company's third quarter net income was $16.37 million or $0.30 per share, down from $27.93 million or $0.51 per share in the prior year period. The year earlier period included a net loss from discontinued operations of $38 thousand, while the latest quarter included a loss on fair value of derivatives of $8.16 million.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the third quarter. Analysts' estimates typically exclude special items.
EBITDA for the third quarter was $51.16 million, down from $49.52 million for the same period last year.
Operating revenues for the quarter rose 4.5% to $79.79 million from $76.42 million for the previous year period. Five analysts expected revenues of $81.26 million for the quarter.
Income from operations for the third quarter was moderately lower at $33.66 million from $34.11 million for the same period last year, impacted by rise in expenses. The company's depreciation & amortization expenses increased to $17.69 million from $14.99 million a year earlier and vessel operating expenses rose modestly to $23.11 million from $22.77 million last year.
During the third quarter, the company had an average of 41.0 container-ships compared to 38.1 container-ships in the same a year-ago.
For the nine months, net income slipped to $52.27 million or $0.96 per share from $91.67 million or $1.68 per share in the same period last year. Net income on a comparable basis dropped to $52.27 million or $0.96 per share from $78.30 million or $1.44 per share a year earlier. The year earlier period excluded $14.93 million from gain on sale of vessels.
Operating revenues for the nine-month period rose to $234.17 million form $220.20 million last year.
Wednesday, DAC closed at $4.70, up $0.29 or 6.58%, on a volume of 0.25 million shares on the NYSE. In after hours, the stock traded at $4.57, down $0.13 or 2.77%.
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