Diana Containerships raised its dividend Wednesday following a profitable first quarter despite falling short of Wall Street estimates.
The commentary followed a period in which the Athens-based owner of nine boxships reported net income of $1.9m and time charter revenues of $12.4m, well above a profit of $0.3m and the $3.2m generated in the first quarter of 2011.
The result amounted to $0.08 in earnings per share, which was $0.04 below the Wall Street consensus estimate as a result of lower-than-expected revenue but was partially offset by an unanticipated decrease in operating expenses, according to Wells Fargo Securities analyst Michael Webber.