Genco Shipping & Trading Ltd. (NYSE:GNK) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.95%.
Genco Shipping & Trading Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-1.05 in the quarter versus EPS of $-0.65 in the year-earlier quarter.
Revenue: Decreased 27.38% to $45.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Genco Shipping & Trading Ltd. reported adjusted EPS loss of $1.05 per share. By that measure, the company missed the mean analyst estimate of $-1.04. It beat the average revenue estimate of $42.95 million.
Quoting Management: John C. Wobensmith, Chief Financial Officer, commented, “During the second quarter, management maintained an opportunistic time charter approach in a volatile rate environment. By employing a large majority of our vessels on short-term or spot market-related contracts, we expect to increase the Company’s future earnings potential when market conditions improve while continuing to provide high quality service for our customers. We remain focused on effectively managing the Company through the current drybulk shipping cycle and utilizing our high-quality fleet to capitalize on the positive long-term demand for core commodities in China, India and other developing countries.”
Key Stats (on next page)…