Seaspan (SSW) Misses Q2 EPS by 2c

Seaspan Reports Financial Results for the Three and Six Months Ended June 30, 2015

July 28, 2015 5:28 PM EDT

HONG KONG, CHINA -- (Marketwired) -- 07/28/15 -- Seaspan Corporation ("Seaspan") (NYSE: SSW) announced today its financial results for the three and six months ended June 30, 2015. Below is a summary of Seaspan's key financial results:

Summary of Key Financial Results (in thousands of US dollars):

Three Months Ended June 30, Change ------------------------------------------------------ 2015 2014 $ % ------------------------------------------------------ Revenue $ 199,152 $ 173,873 $ 25,279 14.5% Reported net earnings $ 81,356 $ 20,004 $ 61,352 306.7% Normalized net earnings(1) $ 35,163 $ 32,088 $ 3,075 9.6% Earnings per share, basic and diluted $ 0.68 $ 0.07 $ 0.61 871.4% Normalized earnings per share, converted(1) (Series A preferred shares converted at $15) $ 0.22 $ 0.19 $ 0.03 15.8% Cash available for distribution to common shareholders(2) $ 105,708 $ 68,034 $ 37,674 55.4% Adjusted EBITDA(3) $ 168,816 $ 130,889 $ 37,927 29.0% Six Months Ended June 30, Change ------------------------------------------------------ 2015 2014 $ % ------------------------------------------------------ Revenue $ 387,699 $ 341,856 $ 45,843 13.4% Reported net earnings $ 102,689 $ 38,032 $ 64,657 170.0% Normalized net earnings(1) $... More