Seaspan (SSW) Reports Q1 EPS of $1.26

Seaspan (NYSE: SSW) reported Q1 EPS of $1.26, versus $0.18 reported last year. Revenue for the quarter came in at $285.3 million versus the consensus estimate of $286.4 million.

Highlights for the First Quarter 2019:

• Achieved vessel utilization of 98.1%
• Operating earnings of $344.1 million
• Reported net earnings attributable to common shares of $267.1 million
• Earnings per diluted share of $1.26
• Cash flows from operations of $122.6 million

Comments from Management

Bing Chen, President and Chief Executive Officer, commented, "During the first quarter of 2019, we continued to deliver on our five-priority focus and capitalize on the scale, flexibility, and quality of our integrated operating platform. This platform provides the fleet life cycle services our customers depend on, as demonstrated by our utilization rate of 98% during the quarter, which is consistent with our industry leading average of 98% since IPO. As always, our team is dedicated to strengthening our existing partnerships, as well as expanding our platform with new customers."

Ryan Courson, Chief Financial Officer, said, "We continue to execute on our capital allocation strategy of strengthening the balance sheet through deleveraging and increasing balance sheet flexibility. Our focus on credit accretion, along with the simplification and consolidation of our capital structure, furthers our objectives of building sustainable, long-term franchise value."

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

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