Capital Product Partners (CPLP) Tops Q4 EPS by 1c

Capital Product Partners (NASDAQ: CPLP) reported Q4 EPS of $0.09, $0.01 better than the analyst estimate of $0.08. Revenue for the quarter came in at $62.4 million versus the consensus estimate of $60.53 million.

Company says tanker spot rates remained depressed in Q4. To wit: "Product & Crude Tanker Markets Product tanker spot rates remained depressed for most of the fourth quarter of 2016, but saw a gradual improvement towards the latter part of the three-month period. In the first month of the quarter, the market was under pressure as lack of arbitrage opportunities and high product inventories had a negative impact on medium-range tanker ("MR") chartering activity, offsetting firm U.S. and Chinese product exports. However, the market improved from November onwards, particularly in the western hemisphere, on the back of seasonally stronger demand, increased West Africa imports and refinery outages in Latin America. Furthermore, the gasoline arbitrage window opened in the Atlantic and as a result rates on the transatlantic trade rose to the highest level since January 2016. The market also strengthened in the eastern hemisphere as refineries returned from maintenance, but the improvement was moderated by high vessel supply."

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

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