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Atlas reports Q3 ’20 results

Atlas Corp.

– Revenue growth of 36.6% to $386.2 million compared to the same period in 2019.
– Funds From Operations (FFO)(*1) growth of 96.0% to $173.5 million compared to the same period in 2019.
– FFO, per diluted share growth of 70.0% to $0.68 compared to the same period in 2019.
– Adjusted EBITDA(1) growth of 38.8% to $249.8 million compared to the same period in 2019.

Seaspan Corporation

– Seaspan continues to execute quality growth during adversity, securing long-term contracted revenue
– Received delivery of four high-quality vessels, (2-12,000 TEU and 2-13,000 TEU)
– Seaspan closed $200 million sustainability-linked loan, expanding the company’s innovative portfolio financing program to $1.8 billion

London, UK, November 9, 2020 – Atlas Corp. (“Atlas or the “Company”) (NYSE: ATCO) announced today its results for the three and nine months ended September 30, 2020.

Comments from Management

Bing Chen, President and CEO of Atlas, commented, “Our third quarter performance highlights the resiliency of Atlas’ scalable platform and our focus on operational excellence, driving FFO per diluted share of $0.68. Through our creative customer partnerships and delivery of fully integrated solutions to generate quality growth, we have added four large vessels under long-term charters bringing our total fleet to 127 vessels with contracted revenue of $4.4 billion. Achieving yearover-year growth of 96.0% and 38.8% of FFO and Adjusted EBITDA, respectively, we are delivering consistent value creation for our stakeholders. With $427.6 million of liquidity, a strong balance sheet, and trusted customer partnership, Atlas is well positioned to drive continued enterprise growth through fluctuating economic and industry cycles. I am proud of how our team’s consistent focus on operational excellence has resulted in solid performance and the delivery of best-in-class customer services.”

(*1) This is a non-GAAP financial measure. Refer to “Definitions and Non-GAAP Financial Measures” and the Appendices for a definition of this term and a reconciliation of this non-GAAP financial measure, as used in this release, to the financial measures under GAAP

Read more here or here.

The earnings call transcript is here.

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