Danaos Q1 Earnings: $253.4M Revenue Misses Consensus, $7.15 EPS, Stock Falls 2.5%

Danaos Corporation (NYSE: DAC) reported its Q1 earnings, revealing an adjusted net income of $140.0 million, or $7.15 per diluted share, and a non-adjusted net income of $150.5 million, or $7.68 per diluted share. Operating revenues increased by 4.0% to $253.4 million, though this missed the consensus estimate of $256.0 million. The company also declared an 80-cent dividend and repurchased approximately $5 million worth of shares, totaling 73,000 shares. Additionally, Danaos secured a $423 million new backlog with its newbuild fleet fully chartered. Adjusted EBITDA declined to $177.2 million, and operating expenses rose to $43.1 million due to vessel fleet expansion. However, the stock fell by 2.5% post-earnings, reflecting market disappointment.