Ship Finance (SFL) Tops Q3 EPS by 1c, Revenues Miss

Ship Finance (NYSE: SFL) reported Q3 EPS of $0.28, $0.01 better than the analyst estimate of $0.27. Revenue for the quarter came in at $111 million versus the consensus estimate of $115.29 million.

PDF LINK to SFL 3Q Report

• Declaration of third quarter dividend of $0.35 per share, the Company's 59th consecutive quarterly dividend
• Operating revenue of $111 million and net income of $30 million or $0.28 per share in the third quarter
• Acquired three 10,600 TEU container vessels with minimum 6-year time charters to Maersk Line, adding more than $260 million of contracted future charter hire
• Agreed the sale of the jackup drilling rig Soehanah for $84 million, with estimated book gain of approximately $8 million in the fourth quarter
• Issued NOK 600 million NIBOR + 4.75% five-year senior unsecured bonds due September 2023
• Entered into lease financings totaling $400 million for four container vessels acquired in May 2018 at very attractive terms
• Continued fleet renewal with the divestment of older VLCCs, including sale of two vessels subsequent to quarter end

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "Ship Finance has invested nearly $900 million so far in 2018, far outweighing the divestment of older assets. And of a fleet totaling 84 vessels and rigs, only one vessel will soon remain from the initial fleet in 2004. This demonstrates our ability to continuously renew, diversify and increase our portfolio of assets and charters, supporting a long term distribution capacity.

The Company's strong liquidity profile and consistent ability to access attractively priced financing has allowed us to pursue accretive growth opportunities in the maritime and offshore industries. As a result more than $2 billion has been returned to shareholders through dividends since 2004."

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

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