Genco Shipping & Trading Earnings: Here’s Why Shares are Down Now
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 1.23%.
Genco Shipping & Trading Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-1.12 in the quarter versus EPS of $-0.87 in the year-earlier quarter.
Revenue: Decreased 32.32% to $40.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Genco Shipping & Trading Ltd. reported adjusted EPS loss of $1.12 per share. By that measure, the company missed the mean analyst estimate of $-1.05. It beat the average revenue estimate of $40.45 million.
Quoting Management: Robert Gerald Buchanan, President, commented, “During the first quarter, we utilized our modern and versatile fleet of 53 vessels to continue to provide multinational charterers with high-quality tonnage. Consistent with this critical objective, we continue to maintain an efficient operating platform as daily vessel operating expenses during the first quarter were below management’s budget. Our status as one of the lowest cost operators in the industry bodes well for Genco to operate in an uncertain rate environment.”
Key Stats (on next page)…