Diana Shipping Posts Q1 Earnings Above Street View

• Diana Shipping Inc DSX reported first-quarter FY23 sales growth of 10.2% year-on-year to $72.64 million, beating the analyst consensus estimate of $67.50 million.


• EPS of $0.22 beat the analyst consensus estimate of $0.14.


• The increase in time charter revenues was due to increased ownership days which resulted from vessel acquisitions. 


• Fleet utilization for the quarter was 99.4%.


• The operating income for the quarter increased 5% to $32.6 million with an operating margin of 44.9%.


• The company has declared a dividend of $0.15 per share, payable on or about July 10, 2023, to all shareholders of record as of June 12, 2023. 


• Diana held $115.7 million in cash and equivalents as of March 31, 2023. The operating cash flow in the quarter totaled $33.2 million.


• Price Action: DSX shares are trading higher by 5.62% at $3.76 Friday at publication.

Photo: Diana Shipping