Shipping Company Nordic American's Q3 Earnings Fall Short Of Expectations: Details
Portfolio Pulse from Akanksha Bakshi
Nordic American Tankers Ltd (NYSE:NAT) reported Q3 FY23 earnings with net voyage revenue of $48.04 million, up 1.4% Y/Y but below the $59.14 million consensus. EPS was $0.04, down from $0.05 in 3Q22 and missing the $0.05 consensus. Operating income and adjusted EBITDA also declined Y/Y. The company declared a $0.06 dividend per share, with a new Suezmax tanker delivery scheduled for December 4, 2023. NAT shares fell 8.4% to $3.92.
November 29, 2023 | 4:45 pm
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NEGATIVE IMPACT
Nordic American Tankers Ltd reported lower-than-expected Q3 earnings with a slight revenue increase and a decrease in EPS. The company announced a dividend and is expanding its fleet, but shares dropped significantly.
The earnings miss, particularly the lower EPS and revenue compared to consensus, is likely to negatively impact investor sentiment in the short term. The decline in share price following the earnings report reflects immediate market reaction. While the dividend announcement and fleet expansion are positive, they may not offset the negative earnings news in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100