Capital Product Partners (CPLP) Misses Q4 EPS by 10c

Capital Product Partners (NASDAQ: CPLP) reported Q4 EPS of $0.38, $0.10 worse than the analyst estimate of $0.48. Revenue for the quarter came in at $35.09 million versus the consensus estimate of $35.51 million.

Management Commentary

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

“We are pleased to announce the addition of three Panamax container vessels to our fleet, as we continue to execute our business plan of growing the Partnership through accretive acquisitions with long term cash flow visibility. This transaction will be completed with a minimal cash outlay from the Partnership in view of the advantageous debt and Sellers’ Credit arrangements we have obtained. The low acquisition price, the five year charter in place to a reputable charterer, as well as the high residual value of these vessels imply very favorable returns on equity deployed.”

“In view of the positive market developments in the container charter market, we are focused on increasing cash flow visibility and charter coverage for the Partnership’s vessels that come off charter, while we pursue further accretive acquisitions on the back of our increasing liquidity position. Finally, the unit repurchase program we have announced today in addition to our common unit distribution policy will allow us to balance growth going forward with returning capital to our unitholders.”

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

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