Genco Shipping: 3Q Earnings Snapshot
NEW YORK (AP) _ Genco Shipping & Trading Ltd. (GNK) on Wednesday reported third-quarter net income of $5.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had profit of 14 cents. Earnings, adjusted for non-recurring gains, came to 10 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.
The transporter of drybulk cargo posted revenue of $92.3 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $61.9 million.
Genco Shipping shares have fallen 22 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.44, a drop of slightly more than 8 percent in the last 12 months.