- Global Ship Lease Inc (NYSE: GSL) reported second-quarter operating revenue growth of 86.4% year-over-year to $154.46 million, beating the consensus of $145.34 million.
- The operating income increased to $84.77 million (+86.7% Y/Y), and the margin expanded 10 bps to 54.9%
- Adjusted EBITDA improved by 92.6% Y/Y to $95.33 million, and margin expanded by 198 bps to 61.7%.
- Utilization for the quarter was 95.5% compared to 94.9% in the same period of the prior year.
- Time charter and voyage expenses were $5.1 million, compared to $2.1 million in 2Q21.
- Normalized EPS improved to $1.85 (+184.6% Y/Y), beating the consensus of $1.74.
- The average cost per ownership day in the quarter was $7,006, compared to $6,609 for the prior year period.
- As of August 3, 2022, the company had 65 containerships in its fleet.
- Global Ship Lease generated cash from operating activities year-to-date of $143.07 million, compared to $61.67 million a year ago.
- Dividend: The company declared a dividend of $0.375 per Class A common share to be paid on September 2, 2022, to common shareholders of record as of August 23, 2022.
- Price Action: GSL shares are trading lower by 3.84% at $19.30 on the last check Thursday.
Read at Benzinga