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- Capital Product Partners L.P. CPLP reported a first-quarter FY23 revenue growth of 10% year-over-year to $81.02 million, beating the consensus estimate of $76.90 million.
- The increase in revenue was primarily attributable to new building vessels acquired by the Partnership, namely the M/V Manzanillo Express and the M/V Itajai Express.
- "We currently have ten ships unencumbered and a fleet with a weighted average age of 6.8 years, while our remaining charter duration is also 6.8 years with a contracted revenue backlog of approximately $1.9 billion," Chief Executive Officer Jerry Kalogiratos said.
- The operating surplus amounted to $36.3 million, down 18.6% Y/Y.
- Net income slumped 60.1% Y/Y to $10.03 million. Partnership's total average indebtedness and the weighted average interest rate increase Y/Y weighed on net income.
- EPS decreases 61% Y/Y to $0.49, missing the consensus estimate of $0.80.
- As of March 31, 2023, the Partnership's total debt was $1.55 billion, before financing fees, reflecting an increase of $254.7 million from 4Q22.
- By the quarter-end, total cash amounted to $99.8 million. Total cash includes restricted cash of $11.2 million.
- Capital Product repurchased 129,258 common units during the first quarter of 2023 at an average cost of $13.57 per unit.
- Dividend: On April 25, 2023, the Board declared a cash distribution of $0.15 per share payable on May 12, 2023.
- Price Action: CPLP shares traded higher by 1.41% at $12.55 on the last check Friday.
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