Ship Finance International Limited SFL delivered lower-than-expected earnings for the second quarter. As a result, the company's earnings missed the Street expectations for the fourth straight quarter.
The company reported net income of $38.81 million, or $0.42 a share, down from $46.8 million, or $0.50 a share, in the year-ago quarter. On an adjusted basis, it would have earned $0.48 a share and missed the Street analysts' estimates of $0.51 a share.
Ship Finance's total operating revenues dipped from $117.58 million to $103.99 million and came in below the analysts' predictions of $110.43 million.
CEO Ole Hjertaker said, "During the second quarter, we continued our fleet renewal program with the delivery of our third large container vessel and the sale of an older VLCC. We also successfully adjusted the terms of our charters with Deep Sea Supply in a manner that will be neutral to our net distribution capacity."
The stock closed at $15.16, losing $0.04 or 0.26 percent.
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