Genco Shipping & Trading Limited (GNK) Misses Q1 EPS by 2c

Genco Shipping & Trading Limited (NYSE: GNK) reported Q1 EPS of ($0.66), $0.02 worse than the analyst estimate of ($0.64). Revenue for the quarter came in at $38.2 million versus the consensus estimate of $38.85 million.

• Recorded a net loss of $15.6 million for the first quarter of 2017
  • Basic and diluted loss per share of $0.47
  • Adjusted basic and diluted loss of $22.0 million or $0.66 per share, excluding $6.4 million for gain on sale of vessels
• During the first quarter of 2017 we delivered four vessels to buyers
  • Sold the Genco Wisdom, the Genco Carrier, the Genco Reliance and the Genco Success for total net proceeds of $12.7 million, which were recorded as cash on the balance sheet
• Expect to sell the Genco Prosperity, the last of the ten vessels identified for sale, for total net proceeds of $2.9 million
  • Anticipate the vessel to be delivered to buyers by May 20, 2017, and net proceeds to be recorded as cash on the balance sheet

For earnings history and earnings-related data on Genco Shipping & Trading Limited (GNK) click here.

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