Seaspan Q4 Profit Down

(RTTNews) - Seaspan Corp. (SSW) reported that its fourth-quarter net earnings declined to $27.77 million from $68.23 million in the prior year. Earnings per share was $0.14 down from $0.64 last year.

Normalized earnings per share, converted - preferred shares converted at $15 was $0.27 up from $0.25 in the previous year.

Revenue for the quarter increased 10.1% to $189.4 million from last year. The increases for the quarter and year ended December 31, 2014 were primarily due to the delivery of six 10000 TEU vessels in 2014 and a decrease in unscheduled off-hire. In addition, the delivery of two 4600 TEU second-hand vessels in mid-2013 contributed to the increase for the year ended December 31, 2014. These increases were partially offset by an increase in scheduled off-hire, lower average charter rates for three of Seaspan's vessels which were on short-term charters and a decrease in vessel management revenue.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share and revenues of $189.34 million for the quarter. Analysts' estimates typically exclude special items.

In February 2015, Seaspan's board of directors approved an 8.7% increase in the 2015 quarterly Class A common share dividend to $0.375 per share. This $0.03 per share increase to Seaspan's quarterly Class A common share dividend represents the sixth increase since March 31, 2010 for an aggregate increase of 275.0%. Seaspan expects the quarterly $0.375 Class A common share dividends for the four quarters ending December 31, 2015 to be paid on April 30, July 30 and October 30 of 2015 and February 1, 2016 for a total dividend of $1.50 per share.