Golden Ocean Group Beats Q2 Estimates; Says Dry Bulk Demand Remains Fundamentally Strong
Portfolio Pulse from Lekha Gupta
Golden Ocean Group Ltd (NASDAQ:GOGL) reported Q2 FY23 revenue of $213.38 million, exceeding consensus of $148.97 million. The company's operating expenses were $169.8 million, and net operating income declined to $43.6 million from $155.8 million in the prior year quarter. Adjusted EPS of $0.17 was better than the consensus of $0.12. The company announced a cash dividend of $0.10 per share for Q2 and repurchased shares worth $6.9 million in the quarter. GOGL shares are trading higher by 4.06% at $7.18 premarket on the last check Tuesday.
August 29, 2023 | 12:41 pm
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Golden Ocean Group's Q2 results exceeded estimates, with higher revenue and EPS. The company also announced a dividend and share repurchase, which could be positive for shareholders. Shares are up in premarket trading.
Golden Ocean Group's better-than-expected Q2 results and positive actions such as dividend announcement and share repurchase indicate a strong financial performance, which is likely to boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100