Danaos Corporation (DAC) Tops Q3 EPS by 5c

Danaos Corporation (NYSE: DAC) reported Q3 EPS of $1.91, $0.05 better than the analyst estimate of $1.86.

• Adjusted net income1 of $47.3 million, or $1.91 per share, for the three months ended September 30, 2020 compared to $37.9 million, or $2.46 per share, for the three months ended September 30, 2019, an increase of 24.8%. Adjusted net income1 of $123.1 million, or $4.97 per share, for the nine months ended September 30, 2020 compared to $110.7 million, or $7.23 per share, for the nine months ended September 30, 2019, an increase of 11.2%.
• Operating revenues of $118.9 million for the three months ended September 30, 2020 compared to $111.8 million for the three months ended September 30, 2019, an increase of 6.4%. Operating revenues of $341.9 million for the nine months ended September 30, 2020 compared to $337.0 million for the nine months ended September 30, 2019, an increase of 1.5%.
• Adjusted EBITDA1 of $83.3 million for the three months ended September 30, 2020 compared to $79.3 million for the three months ended September 30, 2019, an increase of 5.0%. Adjusted EBITDA1 of $235.3 million for the nine months ended September 30, 2020 compared to $232.4 million for the nine months ended September 30, 2019, an increase of 1.2%.
• Total contracted operating revenues were $1.1 billion as of September 30, 2020, with charters extending through 2028 and remaining average contracted charter duration of 3.5 years, weighted by aggregate contracted charter hire.
• Charter coverage of 87% for the next 12 months based on current operating revenues and 64% in terms of contracted operating days.
• On October 12, 2020, we announced the repurchase of 4,339,271 shares of our common stock for an aggregate purchase price of $31.1 million in privately negotiated transactions, including 2,517,013 shares from the Royal Bank of Scotland and 1,822,258 shares from Sphinx Investment Corp. These transactions resulted in the Company\'s previously announced share repurchase program being terminated.

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

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