ATCO - Atlas shares drop as Q1 results fall short of estimates

Atlas (NYSE:ATCO) is trading over -6% down after its Q1 earnings and revenues missed estimates. Revenue was $408.1M (+9.5% Y/Y), missing estimates by $6.89M. Higher revenues drove a 16.5% increase and adjusted EBITDA to $277.1M. Adjusted EPS rose 56% to $0.39, but fell short by $0.02. FFO per diluted share was up 21.7% to $0.73. Revenue rose on the back of Atlas's containership leasing segment, largely driven by its existing asset base. However, growth was offset by a 42.7% decrease in mobile power generation revenue, weighed down by an injunction at one of the firm's project sites that commenced in March 2021. Atlas has said that it is indemnified for the lost revenue and has recognized a corresponding recovery under the acquisition agreement for this indemnity. CEO Bing Chen said: "Atlas continued its solid financial results in the first quarter of 2022. Seaspan strengthened its customer partnership with a global liner by

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Atlas shares drop as Q1 results fall short of estimates