Denmark's Norden Q3 net profit more than doubles on strong markets; raises FY guidance 

Overview

• Denmark shipping firm's Q3 net profit rose to $54 mln from $26 mln last year

• Company raised full-year net profit guidance to $200-250 mln

• Company announced $15 mln share buyback and interim dividend for Q3

Outlook

• NORDEN raises full-year net profit guidance to $200-250 mln from $180-230 mln

• Company says guidance increase reflects strong Q3 and solid expectations for Q4

• NORDEN notes geopolitical uncertainty and voyage timing could affect earnings timing

Result Drivers

• MARKET CONDITIONS - Co said strong markets and solid operating performance across Dry cargo and Tankers supported Q3 results

• FLEET MANAGEMENT - Co said active fleet management and additions to core fleet in Handysize and MPP segments contributed to performance

• CHARTER CONTRACTS - Co said securing long-term charter contracts for MR tankers and Capesize vessels helped lock in future revenue and reduce volatility

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the marine freight & logistics peer group is "hold."

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads

• Oct 28 - Scorpio Tankers Q3 profit beats on strong demand, refining margins

• Oct 27 - Norway's Klaveness Q3 profit rises on higher earning days and reduced dry-docking

• Oct 28 - Greece's Costamare Q3 voyage revenue falls on lower charter rates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)