Seaspan Q4 Profit Misses Estimate

(RTTNews.com) - Seaspan Corp. ( SSW ) reported net income for the fourth quarter of $59.0 million or $0.59 per share, compared to $23.5 million or $0.13 per share for the year-ago quarter.

Normalized earnings for the fourth quarter was $32.1 million or $0.27 per share, compared to $35.5 million or $0.31 per share in the prior year quarter.

Revenue for the fourth quarter rose 8.8% to $169.78 million from $156.12 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.28 per share on revenue of $167.68 million for the fourth quarter. Analysts' estimates typically exclude special items.

In March 2013, Seaspan''s board of directors approved a 25.0% increase in the quarterly common share dividend to $0.3125 per share, which dividend will be subsequently declared for the quarter ending March 31, 2013. This $0.0625 per share increase to the company's quarterly common share dividend represents the fourth increase since March 31, 2010 for an aggregate increase of 212.5%. Seaspan expects common share dividends for the four quarters ending December 31, 2013 to total $1.25 per share.

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