Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, reported net income of $31.7 million and net income attributed to common stockholders of $30.3 million for the third quarter of 2022.
This compares to net income of $14.7 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2021. Earnings per share for the third quarter of 2022 was $0.39 basic and $0.37 diluted, compared to earnings per share of $0.17 basic and $0.16 diluted in the same quarter in 2021.
Diana Shipping Third Quarter 2022 Results
Key Financial Results
- Revenue: US$73.8m (up 29% from 3Q 2021).
- Net income: US$30.3m (up 128% from 3Q 2021).
- Profit margin: 41% (up from 23% in 3Q 2021). The increase in margin was primarily driven by higher revenue.
- EPS: US$0.39 (up from US$0.17 in 3Q 2021).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Diana Shipping EPS Beats Expectations, Revenues Fall Short
Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 8.8%.
Looking ahead, revenue is forecast to stay flat during the next 3 years compared to a 8.1% decline forecast for the Shipping industry in the US.
The company’s shares are down 3.4% from a week ago.
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Source: Diana Shipping Inc.
