Global Ship Lease (NYSE:GSL) Announces Earnings Results, Beats Expectations By $0.19 EPS

Global Ship Lease (NYSE:GSL) announced its earnings results on Monday. The shipping company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.19, Zacks reports. The business had revenue of $175.00 million during the quarter, compared to analyst estimates of $172.07 million. Global Ship Lease had a return on equity of 29.44% and a net margin of 46.30%. During the same period last year, the company earned $2.09 EPS.

Global Ship Lease Stock Up 0.7 %

GSL stock traded up $0.19 during mid-day trading on Wednesday, reaching $26.82. 444,618 shares of the company traded hands, compared to its average volume of 658,482. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average price is $27.61 and its 200 day moving average price is $23.82. The stock has a market cap of $943.74 million, a price-to-earnings ratio of 3.03 and a beta of 1.64. Global Ship Lease has a fifty-two week low of $16.80 and a fifty-two week high of $30.32.

Global Ship Lease Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Friday, August 23rd will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.71%. The ex-dividend date of this dividend is Friday, August 23rd. This is a positive change from Global Ship Lease’s previous quarterly dividend of $0.38. Global Ship Lease’s dividend payout ratio is currently 16.95%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. StockNews.com downgraded Global Ship Lease from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $29.00 target price on shares of Global Ship Lease in a research report on Monday.

Global Ship Lease Company Profile

Global Ship Lease, Inc, together with its subsidiaries, engages in owning and chartering of containerships under fixed-rate charters to container shipping companies worldwide. As of March 11, 2024, it owned 68 mid-sized and smaller containerships, ranging from 2,207 to 11,040 twenty-foot equivalent unit (TEU), with an aggregate capacity of 375,406 TEU.