Container shipping company Seaspan Corp posted a quarterly profit that topped analysts' estimates on more operating days and increased vessel utilization, Reuters reports. Number of operating days rose 10 percent to 5,540 while vessel utilization increased to 99.1 percent from 98.9 percent.
January-March profit rose to $51.3 million, or 51 cents per share, from $50.6 million, or 53 cents per share, a year earlier.
Excluding one-time items, the Marshall Islands-based company earned 30 cents per share.
Revenue rose 26 percent to $152.1 million.
Analysts on average had expected a net profit of 25 cents per share on revenue of $153.7 million, according to Thomson Reuters I/B/E/S.
Shares of the company, valued at $1.05 billion, closed at $16.43 on the Nasdaq on Wednesday. The stock has gained about 61 percent of its value in the last five months.