U.S. Markets closed

Seaspan tops 1Q profit forecasts

HONG KONG (AP) _ Seaspan Corp. (SSW) on Wednesday reported first-quarter net income of $40 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Hong Kong-based company said it had net income of 22 cents. Earnings, adjusted for non-recurring gains, were 15 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.

The shipping company posted revenue of $201.3 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $204.6 million.

Seaspan shares have declined 28 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.56, a decline of 62 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SSW at https://www.zacks.com/ap/SSW

_____

Keywords: Seaspan, Earnings Report