Danaos Navigates Rough Waters: Q1 Earnings Fall Short Despite Revenue Growth And Strategic Expansions
Portfolio Pulse from Lekha Gupta
Danaos Corporation (NYSE:DAC) reported Q1 FY24 results with a 4% increase in operating revenues to $253.4 million, missing the consensus of $256.0 million. Adjusted EBITDA declined to $177.2 million, and adjusted EPS of $7.15 missed the consensus of $7.74. Despite these misses, the company secured multi-year chartering agreements and added $423 million to its contracted revenue backlog. DAC shares are down 1.93% following the report.
May 28, 2024 | 5:20 pm
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Danaos Corporation reported Q1 FY24 results with revenue growth but missed earnings estimates. Adjusted EPS of $7.15 fell short of the $7.74 consensus, and shares are down 1.93%. The company secured multi-year chartering agreements, adding $423 million to its revenue backlog.
The revenue growth and strategic expansions were overshadowed by the misses in revenue and EPS estimates, leading to a negative market reaction. The stock price is down 1.93%, indicating short-term bearish sentiment.
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