SFL Q2 Sales Misses Estimates, EPS Tops Street View

SFL Corp Ltd SFL reported Q2 FY23 revenue of $164.56 million, which missed the consensus of $175.23 million.

As of June 30, 2023, the estimated fixed-rate charter backlog from 73 wholly or partly owned vessels and newbuildings under construction stood at around $3.6 billion with a weighted remaining charter term of 6 years.

Q2 EPS of $0.13 beat the estimate of $0.07.

Adjusted EBITDA stood at $100.9 million in the quarter, along with an additional adjusted EBITDA of $7.8 million from 49.9% owned associated companies in the quarter.

As of June 30, 2023, SFL had around $201 million of cash and cash equivalents.

The company had unencumbered vessels with a combined value of about $51 million at the end of Q2.

Dividend: The Board of Directors declared a quarterly dividend per share of $0.24, payable on or around September 29, to shareholders of record as on September 14.

In May, SFL's Board of Directors authorized the repurchase of up to $100 million in common shares, valid until June 30, 2024.

Year-to-date, the company has acquired around 1.1 million shares, and approximately $90 million is remaining under the program.

Price Action: SFL shares are trading lower by 1.99% at $10.36 on the last check Thursday.