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Danaos Corp (DAC)
NYSE:DAC
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Earnings Data
Report Date
Feb 18, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$6.66Last Year’s EPS
$6.99Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 12, 2024
|% Change Since: -4.87%
|Next Earnings Date:Feb 18, 2025
Earnings Call Sentiment|Positive
Danaos Corporation demonstrated strong performance in the container market with significant charter backlog and increased financial strength, evidenced by a credit rating upgrade and enhanced liquidity. However, the company faced challenges with increased operating and interest expenses, a decrease in adjusted net income, and a softer dry bulk market. Despite these challenges, the company’s strategic position and financial strength suggest an overall positive outlook.Company Guidance
In the third quarter of 2024, Danaos Corporation demonstrated robust financial performance and strategic foresight in its earnings call, highlighted by the addition of over $300 million to its charter backlog, which now totals $3.3 billion. This provides significant earnings visibility with 100% of fleet operating days covered for 2024, 94% for 2025, and 73% for 2026. The company's balance sheet remains strong, with net debt at $305 million, a net debt-to-EBITDA ratio of 0.4x, and liquidity standing at $785 million. Danaos increased its quarterly dividend to $0.85 per share, while continuing its share buyback program, having repurchased $123 million worth of stock with $77 million remaining for future buybacks. Despite a $16.2 million decrease in adjusted net income compared to Q3 2023, primarily due to increased operating expenses and net finance costs, the company maintained competitive operating costs and achieved a slight increase in adjusted EBITDA to $178.9 million. The credit rating upgrades from Moody's and S&P further underscore Danaos' financial resilience and capacity to pursue growth opportunities amidst global uncertainties.Strong Container Market and Charter Backlog
The container market remained strong, allowing Danaos to add over $300 million to the contracted charter backlog, which now stands at $3.3 billion. The company has excellent earnings visibility with full coverage of 2024 operating days and significant coverage for 2025 and 2026.
Credit Rating Upgrade
Moody's upgraded Danaos to BA1, and with the S&P rating at BB+, Danaos holds the highest grade assigned to a pure-play shipping company. This enhances the company's ability to explore the U.S. bond market.
Increased Dividend and Share Buyback
Danaos increased its quarterly dividend to $0.85 per share and has cumulatively bought back stock worth $123 million with $77 million remaining under its authorized share repurchase program.
Strong Liquidity Position
As of September 30, 2024, Danaos had $384 million in cash and total liquidity of $785 million, providing ample flexibility for capital deployment opportunities.
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DAC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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DAC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 12, 2024 | $80.31 | $81.87 | +1.94% |
| Aug 05, 2024 | $79.79 | $79.19 | -0.75% |
| May 28, 2024 | $88.10 | $85.53 | -2.92% |
| Feb 13, 2024 | $72.57 | $69.80 | -3.82% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Danaos Corp (DAC) report earnings?
Danaos Corp (DAC) is schdueled to report earning on Feb 18, 2025, TBA Not Confirmed.
What is Danaos Corp (DAC) earnings time?
Danaos Corp (DAC) earnings time is at Feb 18, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DAC EPS forecast?
DAC EPS forecast for the fiscal quarter 2024 (Q4) is $6.66.
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