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Stock Monitor: Globus Maritime Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 29, 2018 / If you want access to our free earnings report on Ship Finance International Ltd (NYSE: SFL) (“Ship Finance”), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SFL. The Company released its financial results on May 31, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The Company's basic earnings per share (EPS) grew on a y-o-y basis, outperforming market consensus estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Ship Finance International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For Q1 FY18, Ship Finance's total operating revenues came in at $92.35 million compared to the $96.10 million recorded at the end of Q1 FY17. However, the Company's total operating revenue numbers topped market consensus estimates of $92.08 million for Q1 FY18. During the reported quarter, the Company's vessel operating expenses were down to $30.70 million from $33.09 million in Q1 FY17. The Company's total operating expenses also fell to $55.56 million in Q1 FY18 from $57.46 million in Q1 FY17. Moreover, the Company posted an operating income of $35.36 million in Q1 FY18 versus $38.64 million in Q1 FY17.
The oil tanker owner and operator reported a net income of $24.66 million, or $0.24 per basic share, in Q1 FY18 compared to $20.09 million, or $0.20 per basic share, in Q1 FY17. Meanwhile, Wall Street had expected the Company to report a net income of $0.21 per basic share. Furthermore, the Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) stood at $99.51 million in the reported quarter compared to $116.82 million in the last year's same quarter.
Ship Finance's charter revenues from operating lease were $76.38 million in Q1 FY18 compared to $78.95 million in Q1 FY17. The Company's charter revenues from finance lease also fell to $23.73 million during Q1 FY18 from $24.86 million in Q1 FY17. Furthermore, the Company's profit share income was nil in the reported quarter versus $0.162 million in the previous year's comparable quarter.
At the close of the first quarter of FY18, the Hamilton, Bermuda-based Company owned 14 crude oil, product, and chemical tanker vessels, of which most of them were employed on long-term charters. As on March 31, 2018, the Company had 5 offshore support vessels and 4 drilling rigs. The Company also operated 22 dry bulk vessels, 15 of which were employed on long-term charters and 7 vessels trading in the spot market. Furthermore, Ship Finance's fleet consisted of 40 container vessels and 2 car carriers.
Cash Matters and Balance Sheet
During the three months ended March 31, 2018, Ship Finance's net cash provided by operating activities was $49.97 million compared to $44.69 million in Q1 FY17. As on March 31, 2018, the Company had a cash and cash equivalents balance of $139.99 million compared to $153.05 million as on December 31, 2017. Furthermore, the Company reported a long-term debt amounting to $1.06 billion as on March 31, 2018, versus $1.19 billion as on December 31, 2017.
In its earnings press release, Ship Finance's Board of Directors announced a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around June 29, 2018, to shareholders of record as of June 15, 2018.
Stock Performance Snapshot
June 28, 2018 - At Thursday's closing bell, Ship Finance International's stock was marginally up 0.33%, ending the trading session at $15.00.
Volume traded for the day: 435.82 thousand shares.
Stock performance in the last month – up 4.17%; previous three-month period – up 4.90%; and past twelve-month period – up 14.94%
After yesterday's close, Ship Finance International's market cap was at $1.78 billion.
Price to Earnings (P/E) ratio was at 17.65.
The stock has a dividend yield of 9.33%.
The stock is part of the Services sector, categorized under the Shipping industry. This sector was up 0.4% at the end of the session.
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