Diana Shipping Q1 Earnings Beat Street Expectations

  • Diana Shipping Inc DSX reported first-quarter time charter revenue growth of 60.6% year-over-year to $65.93 million, reflecting increased average time charter rates, beating the consensus of $61.25 million.
  • EPS improved to $0.31 from $(0.03) in 1Q21, beating consensus of $0.26.
  • The operating income was $31.06 million versus $3.42 million a year ago, and the margin for the quarter was 47.1% vs. 8.3% a year ago.
  • Diana Shipping generated cash from operating activities of $37.1 million, compared to $6.42 million a year ago.
  • The number of vessels was 35 versus 37 in 1Q21; Fleet utilization was 98.4% for the quarter vs. 98.6% a year ago.
  • The average daily time charter equivalent rate increased 93.2% Y/Y to $22,099, and Daily vessel operating expenses rose by 0.8% Y/Y to $5,445.
  • Diana Shipping had cash and equivalents of $115.68 million as of March 31, 2022.
  • Dividend: DSX declared a cash dividend on its common stock of $0.25 per share, payable on or about June 17, 2022, to all shareholders of record on June 6, 2022.
  • Price Action: DSX shares are trading higher by 1.83% at $6.12 on the last check Tuesday.
Posted In: BriefsEarningsNewsDividendsSmall Cap