Seaspan shares fall after dividend cut by 67%
Shares of Seaspan Corp. fell in the extended session Tuesday after the Hong Kong-based container ship company sharply cut its quarterly dividend. Seaspan shares dropped 13% to $6.86 after hours. The company cut its quarterly dividend to 12.5 cents a share from a previous 37.5 cents a share. "We believe this decision is in the long-term interests of our shareholders and will allow us to capitalize on industry weakness while maintaining a strong balance sheet," said Seaspan CEO Gerry Wang in a statement. Seaspan reported adjusted fourth-quarter earnings of 21 cents a share on revenue of $213.2 million, while analysts surveyed by FactSet had estimated 17 cents a share on revenue of $213.4 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.