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Genco Shipping Q3 revenue beats estimates

By Reuters News


Overview

  • U.S. drybulk shipowner's Q3 revenue rose sharply, beating analyst expectations

  • Company declared record $1.05 per share dividend for Q3, projects >$1 for Q4


Outlook

  • Company projects Q4 2026 dividend of over $1 per share

  • Company estimates Q4 2026 TCE to date at $30,102 for 66% of owned fleet days

  • Company budgets Q4 2026 daily vessel operating expenses at $6,750 per vessel


Result Drivers

  • HIGHER FREIGHT RATES AND LARGER FLEET - Co said revenue growth was driven by higher rates for bulk vessels, a larger fleet, and fewer drydocking days

  • FLEET INVESTMENT - Co said delivery of new high-specification Capesize vessel and ongoing fleet renewal increased earnings power

  • LOW LEVERAGE AND LIQUIDITY - Co said low leverage and strong liquidity supported ability to invest and pay dividends


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$151.86 mln

$126.57 mln (6 Analysts)

Q3 EPS

$0.85

Q3 Net Income

$38.09 mln

Q3 Adjusted EBITDA

Slight Miss*

$68.10 mln

$68.11 mln (6 Analysts)

Q3 Basic EPS

$0.87

Q3 Dividend

$1.05

*Applies to a deviation of less than 1%; not applicable for per-share numbers.


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

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

  • Wall Street's median 12-month price target for Genco Shipping & Trading Limited is $29.00, about 16.9% above its November 3 closing price of $24.80

  • The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago


Reuters Recommended Reads

  • Nov 3 - Ardmore Shipping Q3 revenue beats estimates on higher spot charter rates

  • Nov 4 - Navios Maritime Q3 revenue tops estimates on higher charter rates

  • Nov 4 - Norway's Wallenius Wilhelmsen Q3 profit rises on Asia shipping demand


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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