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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

$54 mln


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


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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