Reply #62: Seaspan 1Q Profit Rises 66 Percent

[citizen snips]

NEW YORK (AP) -- Hong Kong-based container ship owner Seaspan Corp. said Monday its first-quarter profit rose 66 percent, aided by a growing fleet and stronger utilization rates.

Quarterly earnings rose to $14.7 million, or 31 cents per share, from $8.9 million, or 25 cents per share, in the prior-year period. Quarterly revenue jumped to $41.2 million from $24.8 million.

Wall Street, on average, expected quarterly earnings of 26 cents per share on $41.9 million in revenue, according to a Thomson Financial analyst survey.

During the quarter, Seaspan said it took delivery of three vessels, bringing its total operating fleet to 26. The company's fleet utilization also improved to 97.9 percent during the quarter, up from 97.1 percent in the prior-year period.

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http://biz.yahoo.com/ap/070416/earns_seaspan.html?.v=1