Stock Buzz: Ship Finance International Limited (NYSE:SFL)

Ship Finance International Limited (NYSE:SFL) reported earnings for the three months ended March 2016 on May 31, 2016. The company earned $0.5 per share on revenue of $117.58M. Analysts had been modeling earning per share of $0.63 with $116.33M in revenue.
Hamilton, Bermuda, May 31, 2016 — announced its preliminary financial results for the quarter ended March 31, 2016.

Highlights

  • Declaration of first quarter dividend of $0.45 per share, our 49th consecutive dividend
  • $24.7 million in profit share from Frontline in the quarter as a result of a strong tanker market
  • Continuation of the Company’s strategy of fleet renewal and diversification with sale of an older offshore support vessel in the first quarter and an older VLCC subsequent to quarter end
  • Successful delivery of two large container vessels with long term charters to Maersk Line
  • Cash redemption of the $125 million convertible notes due in February 2016 without diluting existing shareholders

Our business model has been tested through all market cycles, and we are to our knowledge the only maritime company which has been consistently profitable and paid dividends every quarter the last twelve years. Our key focus remains on prudently managing our balance sheet and our existing asset portfolio whilst sourcing new accretive opportunities through our industry relationships and unique access to deal flow.”

Ship Finance International Limited earnings per share showed an increasing trend of 50.8% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 218%.Analysts project EPS decline over the next 5 years at -7.7%. It has EPS annual decline over the past 5 fiscal years of -2.2% when sales grew 5.7. It reported 28.4% sales growth, and 98% EPS growth in the last quarter.

The stock is trading at $14.78, up 59.69% from 52-week low of $9.83. The stock trades down -9.37% from its peak of $17.8 and % below the consensus price target of $16.33. Its volume clocked up at 0.96 million shares which is higher than the average volume of 0.81 million shares. Its market capitalization currently stands at $1.35B.

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