Capital Product Partners' Stock Slides Post Q2 Results

Capital Product Partners' Stock Slides Post Q2 Results
  • Capital Product Partners L.P. CPLP reported second-quarter FY22 revenue growth of 86% year-over-year to $74 million, beating the consensus of $72.73 million.
  • EPS was $1.00, below the consensus of $1.13.
  • The increase in revenue was primarily attributable to the net increase in the average number of vessels in the fleet by 27%.
  • Operating surplus amounted to $43.9 million, compared to $23.5 million for 2Q21.
  • The operating income declined by 16% Y/Y to $33.06 million, and the margin was 44.7%.
  • Dividend: CPLP declared a cash distribution of $0.15 per common unit, payable on August 12, 2022, to common unit holders of record on August 8, 2022.
  • Capital Product Partners generated cash from operating activities year-to-date of $90.69 million, compared to $42 million a year ago. It held cash of $34.5 million as of June 30, 2022.
  • The Partnership’s total debt, gross of deferred financing charges, was $1.26 billion.
  • Price Action: CPLP shares traded lower by 3.82% at $15.10 on the last check Friday.

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