Frontline (FRO) Tops Q3 EPS by 6c
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Frontline (NYSE: FRO) reported Q3 EPS of $0.11, $0.06 better than the analyst estimate of $0.05.
Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS commented:
"While the summer is typically a slower period in the tanker markets, seasonal weakness was more pronounced this year as supply disruptions, easing refinery margins and inventory drawdowns led to reduced oil flows and a slowdown in tanker demand. In addition, the global fleet expanded as newbuilding vessels were delivered from shipyards. We believe that our performance in the third quarter against this market backdrop, further highlights Frontline's competitive position in the market and efficient operations. Frontline's low cash breakeven rates, large commercial scale, and historically successful access to capital are significant differentiators that support our leading position in the tanker market."
For earnings history and earnings-related data on Frontline (FRO) click here.
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