LONDON - Global Ship Lease, Inc. (NYSE:GSL), an owner of containerships, reported a robust fourth quarter with earnings surpassing analyst expectations.
The company announced a Q4 EPS of $2.49, which was $0.14 higher than the analyst estimate of $2.35. Revenue for the quarter was also strong, coming in at $178.9 million, exceeding the consensus estimate of $172.15 million and marking an 8.4% increase from the $165.0 million reported in the same quarter last year.
Investors responded positively to the earnings report, with the stock price rising by +3.35% in premarket trading.
The company's financial performance reflects a positive trend, with operating revenue for the year ending December 31, 2023, reaching $674.8 million, up 4.5% from the previous year's $645.6 million. However, net income available to common shareholders for the fourth quarter showed a decrease of 10.9% to $64.7 million compared to $72.6 million in the prior year period. Despite this, normalized net income for the quarter was up 13.6% to $87.8 million, compared to $77.3 million for the same period last year.
Adjusted EBITDA for the fourth quarter increased significantly by 27.1% to $127.1 million from $100.0 million in the prior year period. The company also declared a sustainable quarterly dividend of $0.375 per common share.
CEO Ian Webber highlighted the company's progress in reducing leverage, minimizing debt costs, and improving liquidity. He expressed confidence in Global Ship Lease's resilience and potential for value creation through disciplined financial management and strategic opportunities.
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