SPY425.10+2.50 0.59%
DIA341.98+3.20 0.94%
IXIC14,369.71+97.98 0.69%

Global Ship Lease Q1 Profit Rises Amid Higher Revenue; Stock Jumps

05/10/2021 07:11

10:59 AM EDT, 05/10/2021 (MT Newswires) -- Global Ship Lease (GSL) on Monday posted net income of $4.2 million in Q1, rising sharply from $621,000 a year earlier, as revenue grew to $73 million from $70.9 million over the same period.

Comparable analyst estimates were not available.

Looking ahead, the containership operator said the sector is positioned for levels of profitability not seen in many years as the strong market momentum of late 2020 has further accelerated this year.

However, "we expect constrained supply to persist through at least the medium term - particularly in the workhorse mid-sized and smaller classes where we focus - resulting in continued market tightness," said Executive Chairman George Youroukos.

The company declared a dividend of $0.25 per class A common share for Q1, payable June 3 to shareholders of record as of May 24. The new dividend is more than double the $0.12 per share announced in January.

The stock rose almost 5% in morning trading.

Price: 15.60, Change: +0.70, Percent Change: +4.70