Benzinga | Jul 30, 2021 03:06PM EDT

Capital Product Partners Beats Q2 Earnings Estimates

* Capital Product Partners L.P. (NASDAQ:CPLP) reported second-quarter revenue growth of 9% year-over-year to $38.9 million, beating the consensus estimate of $37.49 million.

* The increase in revenue was primarily attributable to the rise in the fleet size following the acquisition of three 5,100 TEU containers in February 2021 and the decrease in net amortization.

* EPS improved to $1.89 from $0.46 in 2Q20, beating consensus estimates of $0.55.

* Operating surplus amounted to $23.5 million, compared to 2021 and $25.5 million for 2Q20.

* The company repurchased 331,214 of the Partnership's common units at an average cost of $11.65 per unit during the six months ended June 30, 2021.

* CPP declared a cash distribution of $0.10 per common unit, payable on August 10, 2021, to common unitholders of record on August 3, 2021.

* Capital Product Partners generated cash from operating activities year-to-date of $42 million, compared to $45.97 million a year ago. It held cash, equivalents, and restricted cash of $112.2 million.

* Price action: CPLP shares traded lower by 1.03% at $12.05 on the last check Friday.