Notable News to Watch: Danaos Corporation (NYSE:DAC)

Danaos Corporation (NYSE:DAC) spotted trading -70.12% off 52-week high price. On the other end, the stock has been noted -3.02% away from the low price over the last 52-weeks. The stock changed -5.55% to recent value of $7.32. The stock transacted 7870 shares during most recent day however it has an average volume of 7.54K shares. The company has 16.66M of outstanding shares and 8.63M shares were floated in the market.

On Aug. 5, 2019, Danaos Corporation (NYSE:DAC) one of the world’s largest independent owners of containerships notified unaudited results for the period ended June 30, 2019.

Highlights for the Second Quarter and Half Year Ended June 30, 2019:

  • Adjusted net income1 of $34.3 million, or $2.24 per share2, for the three months ended June 30, 2019 compared to $29.2 million, or $3.72 per share2, for the three months ended June 30, 2018, an increase of 17.5%. Adjusted net income1 of $72.8 million, or $4.77 per share2, for the six months ended June 30, 2019 compared to $57.1 million, or $7.28 per share2, for the six months ended June 30, 2018, an increase of 27.5%.
  • Operating revenues of $112.3 million for the three months ended June 30, 2019 compared to $113.4 million for the three months ended June 30, 2018, a decrease of 1.0%. Operating revenues of $225.2 million for the six months ended June 30, 2019 compared to $225.3 million for the six months ended June 30, 2018.
  • Adjusted EBITDA1 of $75.6 million for the three months ended June 30, 2019 compared to $78.3 million for the three months ended June 30, 2018, a decrease of 3.4%. Adjusted EBITDA1 of $153.1 million for the six months ended June 30, 2019 compared to $154.9 million for the six months ended June 30, 2018, a decrease of 1.2%.
  • Total contracted operating revenues were $1.5 billion as of June 30, 2019, with charters extending through 2028 and remaining average contracted charter duration of 4.5 years, weighted by aggregate contracted charter hire.
  • Charter coverage of 87% for the next 12 months based on current operating revenues and 71% in terms of contracted operating days.
  • Effected 1:14 reverse stock split on May 2, 2019, which cured the previously announced NYSE deficiency caused by our stock trading below $1.
  • Concluded sale and leaseback transactions for two 13,100 TEU containerships on April 12, 2019, resulting in net proceeds of $144.8 million, which were used to repay credit facilities secured by mortgages on the vessels.

Its earnings per share (EPS) expected to touch remained -129.00% for this year while earning per share for the next 5-years is expected to reach at 3.00%. DAC has a gross margin of 74.50% and an operating margin of 22.70% while its profit margin remained -7.20% for the last 12 months.

According to the most recent quarter its current ratio was 0.5 that represents company’s ability to meet its current financial obligations. The price moved ahead of -16.34% from the mean of 20 days, -25.24% from mean of 50 days SMA and performed -40.14% from mean of 200 days price. Company’s performance for the week was -11.81%, -18.76% for month and YTD performance remained -30.29%.

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