CP Ships Report 3Q Results

Wednesday, October 29, 2003
CP Ships Ltd. was able to report a 37% increase in net income in the third quarter despite higher costs, due to continuing general improvement in industry conditions. The company said its operating profit in the latest quarter was the highest since it went public in October 2001. Third-quarter net income was $33 million or 36 cents a share, up from $24 million or 27 cents a year earlier. The Thomson First Call mean estimate was for net income of 41 cents in the latest quarter. Quarterly revenue rose 16% to $817 million from $704 million. Operating income was $44 million versus $34 million. It said it expects fourth-quarter operating income to be "broadly in line" with the third quarter. For all of 2003, operating income is expected to be about 50% above the 2002 level but short of the 2001 record level. In 2004, it expects "a generally positive trading environment." CP Ships Ltd. said operating and administrative costs increased from a year earlier. The weaker U.S. dollar hurt costs despite hedging gains. " Continuing high fuel prices and more expensive ship charter renewals offset ship-network efficiencies achieved from the recently completed ship-replacement program and schedule restructuring." It said volume of 554,00 TEU was up 6% from last year, or up 11% excluding the Asia-Europe services, which were discontinued in April. The company said operating income was up slightly in the Transatlantic market, down in the Australasian market and up strongly in the Latin American and Asian markets.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

HMAS Success Deploys to Middle East

After months of preparation, HMAS Success departed Garden Island in Sydney today for a six-month deployment to the Middle East Region to provide logistic support

USS Oscar Austin Deploys to 6th fleet

Arleigh Burke-class guided-missile destroyer USS Oscar Austin (DDG 79) departed Naval Station Norfolk Nov. 21 for a deployment to the U.S. 6th Fleet area of responsibility (AOR).

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1632 sec (6 req/sec)