Capital Product Partners (CPLP) Tops Q1 EPS by 17c, Revenues Beat

Capital Product Partners (NASDAQ: CPLP) reported Q1 EPS of $0.57, $0.17 better than the analyst estimate of $0.40. Revenue for the quarter came in at $38.1 million versus the consensus estimate of $36.23 million.

Management Commentary

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

“The first quarter financial performance of the Partnership reflects primarily the contribution of the increased fleet size of the Partnership, as we have managed to increase our fleet by more than 55% in terms of number of vessels since the spin-off of our tanker assets two years ago.

We have recently also taken advantage of the extraordinary container market environment and moved to sell two of our vessels at record high prices, thus securing a significant capital gain and a material increase in our available cash balances, once the sales materialize. This gives us a unique opportunity to pursue our objectives at a grander scale: first, to continue to grow our fleet with modern vessels that provide cash flow visibility, second to continue to return capital to our unitholders through distributions and unit buybacks and last but not least to set the basis for a fleet renewal program that will help reduce the Partnership’s environmental footprint, as ESG considerations and especially vessel trading emissions come to the forefront in our industry.”

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

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