SFL Corp Ltd (SFL) released its first quarter results on Thursday, May 13, 2021. The company reported net earnings of $0.27 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 133 percent compared to the same period a year ago.
SFL Corporation Ltd. was incorporated in 2003 and is based in Hamilton, Bermuda. SFL Corporation Ltd. engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. It is also involved in the charter, purchase, and sale of assets.
SFL Ltd's revenue decreased 1 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins decreased to 66.67% for the first quarter compared to the same period in the previous year, and operating margins decreased to 38.55% over the same period. Net earnings for past trailing twelve months were $-105.89 million, down 236% from the prior year.
Moving on to the balance sheet, SFL Ltd's cash levels jumped 3% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, decreased 44.82% this past year. The current ratio for SFL Ltd now stands at 0.55. The company increased shares outstanding by 7.05%.
Shares of SFL are currently trading around $8.79. In terms of valuation, the stock is trading at a price to book ratio of 1.2.