Earnings Highlights and Review: Ship Finance's Q1 Results Beat Estimates; Declared Dividend
Research Desk Line-up: Dorian LPG Post Earnings Coverage
LONDON, UK / ACCESSWIRE / June 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Ship Finance Intl. Ltd (NYSE: SFL), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SFL, following the Company's announcement of its financial results for the first quarter fiscal 2017 (Q1 FY17) on May 30, 2017. The Hamilton, Bermuda-based Company's basic earnings per share fell on a year-over-year basis; however it outperformed market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
http://protraderdaily.com/register/
Get more of our free earnings reports coverage from other constituents of the Shipping industry. Pro-TD has currently selected Dorian LPG Ltd (NYSE: LPG) for due-diligence and potential coverage as the Company reported on June 14, 2017, its financial results for Q4 and fiscal year which ended on March 31, 2017. Register for a free membership today, and be among the early birds that get access to our report on Dorian LPG when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SFL; also brushing on LPG. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/?symbol=SFL
http://protraderdaily.com/optin/?symbol=LPG
Earnings Reviewed
In Q1 FY17, Ship Finance total operating revenues came in at $96.88 million compared to $117.58 million recorded at the end of Q1 FY16. Total operating revenue numbers for Q1 FY17 missed market consensus estimates of $97.57 million. During the reported quarter, vessel operating expenses was down to $33.42 million from $34.88 million. Total operating expenses also fell in Q1 FY17 to $57.13 million from $60.36 million in Q1 FY16. Furthermore, the Company posted operating income of $39.72 million for Q1 FY17 versus $57.23 million in the prior quarter.
The oil tanker owner and operator reported net income of $32.28 million, or $0.35 per basic share, in Q1 FY17 compared to $46.80 million, or $0.50 per basic shares, in Q1 FY16. Meanwhile, Wall Street had expected the Company to report net income of $0.32 per basic share. Furthermore, EBITDA for the reported quarter stood at $118.68 million compared to $139.47 million in the last quarter.
Revenue Segmentation
Ship Finance's charter revenues from operating lease were $72.34 million in Q1 FY17 compared to $74.95 million reported in Q1 FY16. The Company's charter revenues from finance lease improved during Q1 FY17 to $27.32 million from $26.56 million in Q1 FY16. Furthermore, profit share income for the reported quarter was $5.65 million compared to $24.92 million in the previous quarter.
Vessel Update
At the close of the first quarter of FY17, the Company owned 16 crude oil, product, and chemical tanker vessels, of which 14 vessels are employed on long-term charters. As on March 31, 2017, The Company had five offshore support vessels and four drilling rigs. The Company also operated 22 dry bulk vessels, 15 of which are employed on long-term charters and seven vessels trading in the spot market. Furthermore, Ship Finance fleet consisted of 22 container vessels and two car carriers.
Cash Matters and Balance Sheet
During the three months ended March 31, 2017, Ship Finance's net cash provided by operating activities was $45.52 million compared to $42.65 million in Q1 FY16. As on March 31, 2017, the Company had cash and cash equivalents balance of $61.55 million compared to $84.43 million as on March 31, 2016. Furthermore, the Company reported long-term debt amounting to $1.18 billion as on March 31, 2017, versus $1.51 billion as in March 31, 2016.
Dividend
In its earnings press release, Ship Finance's Board of Directors announced a quarterly cash dividend of $0.45 per share. The dividend will be paid on or around June 30, 2017, to shareholders on record as of June 16, 2017.
Stock Performance
At the close of trading session on Monday, June 19, 2017, Ship Finance's stock price ended the day flat at $12.75. A total volume of 1.45 million shares were exchanged during the session, which was above the 3-month average volume of 948.54 thousand shares. The Company's shares are trading at a PE ratio of 9.19 and have a dividend yield of 14.12%. At Monday's closing price, the stock's net capitalization stands at $1.28 billion.
Pro-Trader Daily:
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: contact@protraderdaily.com
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily
