Danaos Corporation (NYSE: DAC) reported Q1 EPS of $0.25, $0.07 better than the analyst estimate of $0.18. Revenue for the quarter came in at $111.85 million versus the consensus estimate of $103.98 million.

Highlights for the First Quarter Ended March 31, 2018:

• On June 19, 2018, we reached an agreement with certain of our lenders currently holding approximately $2.2 billion of debt maturing on December 31, 2018, that will significantly strengthen the Company\'s financial position through a debt reduction of approximately $551 million, the resetting of financial and other covenants, modified interest rates and amortization profiles and an extension of existing debt maturities by approximately five years to December 31, 2023. In connection with this refinancing, the consummation of which is subject to definitive documentation and certain closing conditions, we will issue approximately 99.3 million shares of common stock to certain of our lenders. See \"Debt Refinancing\".
• Adjusted net income1 of $27.9 million, or $0.25 per share, for the three months ended March 31, 2018 compared to $24.5 million, or $0.22 per share, for the three months ended March 31, 2017, an increase of 13.9%.
• Operating revenues of $111.9 million for the three months ended March 31, 2018 compared to $110.1 million for the three months ended March 31, 2017, an increase of 1.6%.
• Adjusted EBITDA1 of $76.6 million for the three months ended March 31, 2018 compared to $72.5 million for the three months ended March 31, 2017, an increase of 5.7%.
• Total contracted operating revenues were $1.7 billion as of March 31, 2018, with charters extending through 2028 and remaining average contracted charter duration of 5.4 years, weighted by aggregate contracted charter hire.
• Charter coverage of 90% for the next 12 months based on current operating revenues and 81% in terms of contracted operating days.

For earnings history and earnings-related data on Danaos Corporation (DAC) click here.