Capital Product Partners (CPLP) Tops Q3 EPS by 4c, Revenues Beat

Capital Product Partners (NASDAQ: CPLP) reported Q3 EPS of $0.41, $0.04 better than the analyst estimate of $0.37. Revenue for the quarter came in at $35.5 million versus the consensus estimate of $33.93 million.

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

“As aforementioned in our previous earnings releases, the COVID-19 pandemic and its adverse impact on human life, economic activity and logistical chains is a unique and unprecedented event with continuously and rapidly changing effects across a number of fronts. In this environment, we continue to prioritize the health and safety of our crews, as well as our onshore employees by designing and implementing together with our managers comprehensive measures and policies.”

“In view of this environment, we are pleased to have delivered on a strong quarterly performance compared to the same period of last year and to see charter rates for neo panamax vessels rebound from the lows experienced in the previous quarter. We have taken advantage of the rising rate environment to secure employment for one of our vessels and to further diversify our customer base.”

“Despite the rising rate environment, we note the increasing uncertainty around the adverse effects of the pandemic over the winter months and as such we remain cautious with regard to the medium to long term economic outlook. We intend to continue to deliver on our business model by securing longer term employment visibility for our vessels that come off charter and stagger charter expirations to mitigate re-chartering risk. As we secure increasing cash flow visibility and charter coverage, we intend to pursue accretive acquisitions on the back of our increasing liquidity position, while our board continues to assess our capital allocation strategy with a view to balancing growth with returning capital to our unitholders.”

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

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