Stock Track | Capital Clean Energy Carriers Corp. Plummets 5.44% After Missing Q3 Earnings Estimates

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Shares of Capital Clean Energy Carriers Corp. (CCEC) plummeted 5.44% in intraday trading on Thursday after the company reported lower-than-expected third-quarter earnings. The international shipping company, which focuses on gas transportation, posted earnings per share (EPS) of $0.40, falling short of analysts' estimates of $0.43.

The company's financial results revealed a mixed picture. While CCEC reported a net income of $23.1 million for the quarter, up from $16.1 million in the same period last year, its total revenue decreased to $99.5 million from $102.4 million year-over-year. The revenue decline was attributed to off-hire periods related to the five-year special surveys of two LNG carriers, partially offset by the commencement of a long-term bareboat charter.

Despite the earnings miss, CCEC highlighted some positive developments, including securing a new long-term charter agreement for an LNG carrier under construction and completing financing arrangements for its fleet expansion. However, these achievements were overshadowed by the disappointing earnings figures, leading to the significant stock price drop as investors reassessed the company's near-term growth prospects.

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