SFL Shares Gain On Q2 Results, Profit Increases Sequentially

SFL Corporation Ltd SFL reported second-quarter operating revenue growth of 0.6% Q/Q to $153.3 million, beating the consensus of $149.65 million.
EPS was $0.45 for the quarter, compared to $0.37 in Q1.
Operating income increased to $76.31 million (+28.6% Q/Q), and margin improved to 49.8% from 38.9% last quarter.
The company received a charter hire of ~$164.9 million in the quarter from the company's vessels and rigs.
SFL reported Adjusted EBITDA of $115.8 million from consolidated subsidiaries, plus an additional $7.8 million adjusted EBITDA from associated companies.
"So far in 2022 we have added approximately $1.3 billion to our fixed-rate backlog, with several new bluechip customers, such as Trafigura, Hapag-Lloyd, ConocoPhillips and most recently Koch Industries, with the addition of four modern, eco-design vessels," commented Ole B. Hjertaker, CEO of SFL.
Dividend: SFL declared a quarterly cash dividend of $0.23 per share, payable on September 29, to shareholders on record as of September 15, and the ex-dividend date of September 14, 2022.
As of June 30, 2022, and adjusted for subsequent transactions, the estimated fixed-rate charter backlog from the company's fleet of 75 wholly or partly owned vessels and newbuilding under construction was ~$3.7 billion with a weighted remaining charter term of 6.8 years.
As of June 30, 2022, SFL had ~$224 million in cash and equivalents.
Price Action: SFL shares are trading higher by 6.91% at $11.29 on the last check Wednesday.

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