Capital Product Partners Clocks 10% Revenue Growth In Q1, Bottomline Performance Misses Street View

Capital Product Partners L.P. CPLP reported a first-quarter FY23 revenue growth of 10% year-over-year to $81.02 million, beating the consensus estimate of $76.90 million.
The increase in revenue was primarily attributable to new building vessels acquired by the Partnership, namely the M/V Manzanillo Express and the M/V Itajai Express.
"We currently have ten ships unencumbered and a fleet with a weighted average age of 6.8 years, while our remaining charter duration is also 6.8 years with a contracted revenue backlog of approximately $1.9 billion," Chief Executive Officer Jerry Kalogiratos said.
The operating surplus amounted to $36.3 million, down 18.6% Y/Y.
Net income slumped 60.1% Y/Y to $10.03 million. Partnership's total average indebtedness and the weighted average interest rate increase Y/Y weighed on net income.
EPS decreases 61% Y/Y to $0.49, missing the consensus estimate of $0.80.
As of March 31, 2023, the Partnership's total debt was $1.55 billion, before financing fees, reflecting an increase of $254.7 million from 4Q22.
By the quarter-end, total cash amounted to $99.8 million. Total cash includes restricted cash of $11.2 million.
Capital Product repurchased 129,258 common units during the first quarter of 2023 at an average cost of $13.57 per unit.
Dividend: On April 25, 2023, the Board declared a cash distribution of $0.15 per share payable on May 12, 2023.
Price Action: CPLP shares traded higher by 1.41% at $12.55 on the last check Friday.