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Danaos Earnings, Revenue Increase in Q1; Reinstates Quarterly Dividend

05/10/2021 13:45

05:41 PM EDT, 05/10/2021 (MT Newswires) -- Danaos (DAC) reported Q1 adjusted earnings per share of $2.83, up from $1.34 a year ago.

Analysts polled by Capital IQ had expected earnings of $2.76 per share.

Operating revenue rose to $132.1 million from $106.2 million a year earlier. Analysts surveyed by Capital IQ had projected sales of $133.1 million.

The company reinstated a fixed quarterly dividend of $0.50 per share for Q1 due June 9 to stockholders of record as of May 27.

The next two years "should be lean in terms of fleet supply growth," CEO John Coustas said. "The expected strong demand growth post pandemic will comfortably absorb the existing orderbook."

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