Global Ship Lease Q1 Earnings Beat On Improved Utilization - Global Ship Lease (NYSE:GSL)

Global Ship Lease Inc GSL reported Q1 2023 operating revenue growth of 3.7% Y/Y to $159.3 million, beating the consensus of $151.0 million.
Normalized EPS rose 14.6% Y/Y to $2.12, beating the consensus of $2.03.
Operating income increased to $85.1 million from $83.7 million a year ago.
Adjusted EBITDA improved by 16.0% Y/Y to $104.9 million on the decline in amortization of intangible liabilities.
Vessel operating expenses increased by 8.6% Y/Y to $42.8 million, with an 8.5% Y/Y increase in average cost per ownership day to $7,319.
Utilization for the quarter was 94.8% compared to 94.7% in the same period of the prior year.
Time charter and voyage expenses were $5.5 million, compared to $4.4 million in the prior-year quarter.
As of May 9, 2023, the company had 64 containerships in its fleet.
Global Ship Lease generated cash from operating activities of $93.0 million in the quarter.
The company declared a Q1 dividend of $0.375 per Class A common share payable on June 2, 2023, to shareholders of record as on May 24, 2023.
Price Action: GSL shares are trading lower by 0.11% at $18.06 on the last check Wednesday.