Genco Shipping & Trading (GNK) Surpasses Q2 Earnings And Revenue Estimates

Credit: Yahoo! Finance

Genco Shipping & Trading (GNK) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $1.10 per share a year ago.

Sailing Through Earnings

The quarterly report represents an earnings surprise of 58.82%. A quarter ago, it was expected that this transporter of drybulk cargo would post earnings of $0.15 per share when it actually produced earnings of $0.06, delivering a surprise of -60%.

Genco Shipping , which belongs to the Zacks Transportation – Shipping industry, posted revenues of $61.73 million for the quarter ended June 2023, surpassing the Zacks Consensus Estimate by 1.76%. This compares to year-ago revenues of $105.3 million.

Genco Shipping shares have lost about 5.1% since the beginning of the year versus the S&P 500’s gain of 17.3%.

Charting for the Future!

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions.

The current consensus EPS estimate is $0.16 on $59.66 million in revenues for the coming quarter and $0.94 on $254.94 million in revenues for the current fiscal year.

Potential Opportunity
  • In terms of the Zacks Industry Rank, Transportation – Shipping is currently in the bottom 18% of the 250 plus Zacks industries.
  • Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
  • This operator of carriers for natural gas shipping is expected to post quarterly earnings of $0.51 per share in its upcoming report, which represents a year-over-year change of +27.5%.

Golar LNG’s revenues are expected to be $66.65 million, up 0.3% from the year-ago quarter.

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Source : Yahoo! Finance


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