Seaspan (SSW) Tops Q3 EPS by 11c, Revenues Beat

Seaspan (NYSE: SSW) reported Q3 EPS of $0.36, $0.11 better than the analyst estimate of $0.25. Revenue for the quarter came in at $295 million versus the consensus estimate of $293.15 million.

Bing Chen, President and Chief Executive Officer of Seaspan, commented, "I am pleased with our record operating results in the third quarter, and the strategic milestones we have achieved so far this year. We are realizing benefits from the full integration of GCI, which is the main driver of our year-over-year growth, while we continue to invest in and improve operations of our integrated containership platform to provide best-in-class services. These improvements are evidenced by our 98.4% utilization rate for the quarter, as well as marking the lowest ever number of lost time injuries since we began tracking in 2013."

Ryan Courson, Chief Financial Officer, added, "Over the course of the third quarter, we have improved our liquidity position with several strategic financings including closing the first of Fairfax's two $250 million equity investments, a $150 million two-year corporate revolving credit facility, and $150 million of Preferred Series I Shares. Through prudent capital allocation we have lowered our cost of capital while increasing our capital structure flexibility."

For earnings history and earnings-related data on Seaspan (SSW) click here.

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