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Genco Shipping (GNK)
NYSE:GNK
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Earnings Data
Report Date
Feb 19, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.42Last Year’s EPS
$0.43Same Quarter Last Year
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: -16.17%
|Next Earnings Date:Feb 19, 2025
Earnings Call Sentiment|Positive
Genco Shipping & Trading Limited reported a strong quarter with continued fleet growth, increased dividends, and improved financial metrics. Though recent freight rate volatility and challenges in the bauxite trade present concerns, the company's low leverage and financial flexibility position it well for future opportunities.Company Guidance
During the Genco Shipping & Trading Limited Q3 2024 earnings call, the company highlighted several key metrics and strategic moves. Genco reported a net income of $21.5 million, with adjusted net income at $18.1 million, and an adjusted EBITDA of $36.9 million for the quarter. The company declared a $0.40 per share dividend, marking an 18% increase quarter-over-quarter, and continued its strategy to enhance shareholder returns by removing the drydocking CapEx line from its dividend calculation. Genco's fleet-wide Time Charter Equivalent (TCE) rate increased by 59% year-over-year, with 65% of its Q4 days fixed at $18,786 per day. The company maintains a low net loan-to-value ratio of 5%, significant financial flexibility with over $330 million in undrawn revolver availability, and an ongoing commitment to its net debt 0 goal. Additionally, Genco completed the acquisition of a high-quality, fuel-efficient Capesize vessel, contributing to dry dock CapEx savings of $13 million for 2024 and 2025.Fleet Renewal and Growth
Acquired a high-quality, fuel-efficient Capesize vessel, furthering fleet growth and renewal strategy. This acquisition is part of Genco's broader fleet renewal strategy, leading to $13 million in dry dock CapEx savings in 2024 and 2025.
Strong Shareholder Returns
Declared a $0.40 per share dividend for the quarter, marking an 18% increase. The company has declared 21 consecutive dividends, totaling $6.315 per share, representing 39% of the current share price.
Increased TCE Performance
Fleet-wide TCE increased by 59% year-over-year. Q4 projections show 65% of available days fixed at $18,786 a day, above cash flow breakeven rate.
Financial Flexibility and Low Leverage
Maintains an industry-low net loan-to-value ratio of 5%, with over $330 million in undrawn revolver availability, providing significant financial flexibility.
Strong Financial Results
Net income of $21.5 million with an adjusted EBITDA of $36.9 million for Q3. Net revenues increased by 48% year-over-year, led by Capesize vessels earning a TCE rate of $26,951 per day.
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GNK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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GNK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $16.39 | $17.15 | +4.64% |
| Aug 07, 2024 | $17.11 | $16.69 | -2.45% |
| May 08, 2024 | $21.32 | $21.38 | +0.28% |
| Feb 21, 2024 | $16.75 | $17.97 | +7.28% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Genco Shipping (GNK) report earnings?
Genco Shipping (GNK) is schdueled to report earning on Feb 19, 2025, TBA Not Confirmed.
What is Genco Shipping (GNK) earnings time?
Genco Shipping (GNK) earnings time is at Feb 19, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is GNK EPS forecast?
GNK EPS forecast for the fiscal quarter 2024 (Q4) is $0.42.
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