International Seaways' Q3 Revenue Surge Highlights Tanker Industry's Resilience
Portfolio Pulse from Lekha Gupta
International Seaways Inc (INSW) reported Q3 FY23 shipping revenue of $241.7 million, beating the consensus of $217.1 million. Adjusted EPS of $2.04 also beat the consensus of $1.68. The company raised contracted revenues to $344 million by entering into a new time charter agreement. It declared a quarterly dividend per share of 12 cents and a supplemental dividend per share of $1.31. The company bought back shares worth $14 million as of Q3-end, and it has $50 million worth of shares authorized under its share repurchase program.
November 07, 2023 | 5:52 pm
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INSW reported strong Q3 results, beating revenue and EPS consensus. The company also raised contracted revenues and declared dividends. It continues its share buyback program.
INSW's strong Q3 results, beating both revenue and EPS consensus, indicate a positive financial performance. The company's decision to raise contracted revenues and declare dividends shows confidence in its financial stability. The continuation of its share buyback program also suggests a positive outlook. These factors are likely to have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100