The 10-second takeaway
For the quarter ended March 31 (Q1), Seaspan met expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue expanded significantly and GAAP earnings per share increased significantly.
Gross margins grew, operating margins increased, and net margins contracted.
Seaspan booked revenue of $152.1 million. The six analysts polled by S&P Capital IQ predicted revenue of $152.4 million on the same basis. GAAP reported sales were 26% higher than the prior-year quarter's $121 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.30. The eight earnings estimates compiled by S&P Capital IQ predicted $0.25 per share. GAAP EPS of $0.61 for Q1 were 15% higher than the prior-year quarter's $0.53 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 77.3%, 300 basis points better than the prior-year quarter. Operating margin was 48.9%, 160 basis points better than the prior-year quarter. Net margin was 33.7%, 810 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $167.4 million. On the bottom line, the average EPS estimate is $0.30.
Next year's average estimate for revenue is $659.5 million. The average EPS estimate is $1.19.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 810 members rating the stock outperform and 34 members rating it underperform. Among 191 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 179 give Seaspan a green thumbs-up, and 12 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Seaspan is hold, with an average price target of $18.29.
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