DAC - Danaos Navigates Rough Waters: Q1 Earnings Fall Short Despite Revenue Growth And Strategic Expansions | Benzinga
Danaos Corporation (NYSE:DAC) shares are trading lower after it reported first-quarter FY24 results.
Operating revenues increased by 4.0% Y/Y to $253.4 million, missing the consensus of $256.0 million.
Vessel operating expenses increased by $2.5 million to $43.1 million in the quarter due to an increase in the average number of vessels in the fleet due to recent dry bulk vessels acquisitions.
Adjusted EBITDA declined to $177.2 million from $179.0 million a year ago. Adjusted EPS of $7.15 missed the consensus of $7.74.
In the quarter, Danaos had an average of 68.0 container vessels and 7.0 Capesize drybulk vessels.
As of March-end, ...