Capital Product Part Up 3.88% To $13.51 After Earnings Beat

Monday, November 13, 2023 - Capital Product Part (CPLP) reported upside earnings and revenues today.

Capital Product Part's earnings came in at an EPS of $0.84 per share, 14.00% higher than estimates for an EPS of $0.74 per share. The firm's earnings are up 47% since reporting $0.57 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Analyst projections for Capital Product Part revenue came in at a consensus of $88.2 million. Third-Quarter revenues surpassed estimates for $95.5 million by $7.3 million (8%). The company achieved 33% growth year-over-year compared to the firm's revenue of $71.9 million from the year-ago quarter. The higher earnings growth relative to revenue signals Capital Product Part has improved its profit margin.

The stock is up 3.88% to $13.51 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Capital Product Part a Bearish Sentiment Rank from InvestorsObserver.

Capital Product Part has performed a little below average during the past few months. Before the report, Capital Product Part received a Long-Term Technical Rank by InvestorsObserver of 37, putting it in the bottom half of stocks. The firm set a 52-week high on July 28, 2023 at $16.1 and set a 52-week low on March 17, 2023 at $11.93.

Capital Product Partners LP is in the seaborne transportation of cargoes, crude oil, gasoline, diesel, fuel oil, jet fuel and edible oils and dry cargo and containerized goods. Its vessels include; suezmax crude oil tankers, medium-range product tankers, neo panamax container carriers and capsize bulk carrier. Its vessels are capable of carrying a wide range of cargoes, including crude oil, refined oil products (such as gasoline, diesel, fuel oil and jet fuel), edible oils and certain chemicals, such as ethanol, as well as dry cargo and containerized goods under short-term voyage charters and medium to long-term time and bareboat charters.