Nordic American Tankers Faces Rough Seas: Q1 Revenue Misses Estimates Amid Fleet Expansion
Portfolio Pulse from Lekha Gupta
Nordic American Tankers Limited (NYSE:NAT) reported disappointing Q1 FY24 results, missing revenue and EPS estimates. The company is expanding its fleet, with several new vessels expected in the coming years. NAT shares dropped 8.75% following the news.
May 29, 2024 | 4:59 pm
News sentiment analysis
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NEGATIVE IMPACT
TrueShares Active Yield ETF (NASDAQ:ERNZ) provides exposure to Nordic American Tankers Limited (NYSE:NAT), which reported disappointing Q1 FY24 results. NAT missed revenue and EPS estimates, leading to an 8.75% drop in its share price.
Since ERNZ provides exposure to NAT, the disappointing earnings report and subsequent drop in NAT's share price are likely to negatively impact ERNZ in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
Nordic American Tankers Limited (NYSE:NAT) reported Q1 FY24 net voyage revenue of $60.572 million, missing the consensus of $76.562 million. EPS for the quarter was $0.07, missing the consensus of $0.11. The company is expanding its fleet, with several new vessels expected in the coming years. NAT shares dropped 8.75% following the news.
The significant miss on both revenue and EPS estimates is likely to negatively impact investor sentiment in the short term. The 8.75% drop in share price reflects this immediate reaction. While the fleet expansion could be positive in the long term, the current financial performance is a concern.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100