Energy shipping company Frontline (NYSE:FRO) has delivered a mixed set of numbers for the third quarter. Revenue jumped a whopping 122.4% year-over-year to $382.2 million, outperforming estimates by ~$155 million. EPS at $0.37, on the other hand, missed the cut by $0.10.
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During the quarter, spot TCEs for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $25,000, $41,100, and $40,200 a day respectively. TCE, or Time Charter Equivalent, is a measure that indicates the performance of the average revenue per day of a vessel.
Looking ahead to Q4, the company expects spot TCEs to be lower than current contract levels owing to the impact of ballast days at the end of Q4.
The CEO of Frontline, Lars H. Barstad commented on the market environment, “The market is virtually firing on all cylinders, and Frontline’s efficient operations, modern fleet, and transparent business model again shows how quickly a change in market fundamentals is reflected in its cash generation and shareholder returns.”
Frontline shares have now climbed nearly 95% over the past year.
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