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ATHENS - Shares of Danaos Corporation (NYSE:DAC) dropped 5.4% in after-hours trading on Tuesday after the container ship leasing company reported first quarter earnings that fell short of analyst expectations.
Danaos posted adjusted earnings per share of $6.04 for the first quarter, missing the consensus estimate of $6.56. Revenue came in at $236.19 million, below analyst projections of $242 million.
The company’s total revenue of $253.3 million was essentially flat compared to $253.4 million in the same quarter last year. However, container vessel revenue increased 1.2% to $236.2 million, while drybulk vessel revenue declined 14.5% to $17.1 million.
"Our financial performance continues to be strong, although it has been impacted by a number of charter renewals at lower rates than those seen during the Covid pandemic," said CEO John Coustas in a statement.
Danaos maintained its quarterly dividend of $0.85 per share, payable on June 5 to shareholders of record as of May 27.
The company noted it has secured multi-year charter arrangements for its remaining 15 newbuilding vessels on order, with an average charter duration of approximately 5.3 years. Danaos said its total contracted revenue backlog now stands at $3.7 billion.
"Despite the broader uncertainties, we remain committed to delivering superior returns to our shareholders through disciplined execution and long-term strategic focus," Coustas added.
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