Ship Finance (SFL) Misses Q2 EPS by 3c

Ship Finance (NYSE: SFL) reported Q2 EPS of $0.22, $0.03 worse than the analyst estimate of $0.25. Total charter revenue for the quarter came in at $150 million, versus $152 million reported last year.

Ole Hjertaker, CEO of Ship Finance Management AS, said in a comment: "In light of the pending financial restructuring in Seadrill and also a softer tanker market, the Board has adjusted the dividend to $0.35 per share this quarter. We believe this is a prudent action that resets our dividend to a more sustainable level going forward. Today's declaration brings total accumulated dividends to more than $23 per share since 2004 and we have a large, diversified fleet of 70 vessels and rigs in operation, a significant charter backlog, and remain in a very strong financial position."

For earnings history and earnings-related data on Ship Finance (SFL) click here.

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