On 06 Dec 2019, Danaos Corporation (NYSE: DAC) stock observed trading -55.39% off 52-week high price. On the other end, the stock has been noted 28.29% away from low price over the last 52-weeks. The stock disclosed a move of -30.86% away from 50 day moving average and -32.78% away from 200 day moving average. Moving closer, we can see that shares have been trading -20.85% off 20-day moving average.
Danaos Corporation (DAC) recently stated unaudited results for the period ended September 30, 2019.
Three months ended September 30, 2019 contrast to the three months ended September 30, 2018
During the three months ended September 30, 2019 and September 30, 2018, Danaos had an average of 55 containerships. Our fleet utilization for the three months ended September 30, 2019 was 98.7% contrast to 97.4% for the three months ended September 30, 2018.
Our adjusted net income amounted to $37.9M, or $2.46 per share, for the three months ended September 30, 2019 contrast to $37.5M, or $3.17 per share, for the three months ended September 30, 2018 (after giving retroactive effect to the reverse stock split of 1-for-14 implemented on May 2, 2019). We have adjusted our net income in the three months ended September 30, 2019 for non-cash fees amortization and accrued financing fees of $4.0M. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.
The increase of $0.4M in adjusted net income for the three months ended September 30, 2019 contrast to the three months ended September 30, 2018 is attributable mainly to a $4.6M decrease in total operating expenses and a $1.9M decrease in net finance expenses, which were partially offset by a $6.0M decrease in operating revenues and a $0.1M decrease in the operating performance of our equity investment in Gemini.
On a non-adjusted basis, our net income amounted to $33.9M, or $2.20 earnings per diluted share, for the three months ended September 30, 2019 contrast to net income of $127.2M (including gain on debt extinguishment and refinancing-related professional fees described below), or $10.76 earnings per diluted share, for the three months ended September 30, 2018 (after giving retroactive effect to the reverse stock split of 1-for-14).
Operating Revenues
Operating revenues reduced by 5.1%, or $6.0M, to $111.8M in the three months ended September 30, 2019 from $117.8M in the three months ended September 30, 2018.
Operating revenues for the three months ended September 30, 2019 reflects a $6.0M decrease in revenues Because of the re-chartering of certain of our vessels that concluded long-term charters over the last twelve months and were re-deployed at lower spot rates in the three months ended September 30, 2019.
The Greece based company Danaos Corporation moved with change of 0.29% to $6.87 with the total traded volume of 228849 shares in recent session versus to an average volume of 150.83K. DAC’s shares are at 2.69% for the quarter and driving a -53.71% return over the course of the past year and is now at -34.57% since this point in 2018. Right now, the stock beta is 1.05. The average volatility for the week and month was at 4.51% and 8.27% respectively. There are 21.96M shares outstanding and 16.5M shares are floated in market.
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