Capital Product Partners (CPLP) Misses Q1 EPS by 44c, Revenues Miss

Capital Product Partners (NASDAQ: CPLP) reported Q1 EPS of ($0.10), $0.44 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $26.82 million versus the consensus estimate of $51.83 million.

Mr. Jerry Kalogiratos, Chief Executive Officer of our General Partner, commented:

“The first quarter of 2019 marked an important milestone for the Partnership, as it saw the completion of the spin-off and merger of our Tanker Business with DSS in a strategic transaction for the Partnership. We believe that to date the DSS transaction has overall been an accretive transaction for our unitholders. Among other metrics, the sum-of-the-part equity value as of the date of this announcement was greater than the stand-alone market capitalization of CPLP immediately before the consummation of the transaction.”

“Importantly, this transaction allows CPLP to reshape its business towards a modern fleet with remaining charter duration of more than five years, providing CPLP unitholders with increased stability and cash flow visibility. On that basis, we are looking forward to expanding our asset base again with modern vessels employed under medium- to long-term charters with a view to growing our long-term distributable cash flow.”

For earnings history and earnings-related data on Capital Product Partners (CPLP) click here.

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