Gener8 Maritime (GNRT) Misses Q2 EPS by 3c

Gener8 Maritime (NYSE: GNRT) reported Q2 EPS of ($0.11), $0.03 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $72.79 million versus the consensus estimate of $79.52 million.

"We continue to take important steps to strengthen our platform and balance sheet" said Peter Georgiopoulos, Chairman and Chief Executive Officer of Gener8 Maritime. "In this seasonally weaker rate environment, we remain focused on maximizing our financial flexibility in order to manage our business for the near- and long-term. We continue to dispose of older vessels, streamlining our fleet and focusing on high quality tonnage with the best return profile. This strengthens our competitive position in the market. We believe the strategy we are pursuing is prudent and reflects our approach to managing our balance sheet and market exposure."

Leo Vrondissis, Chief Financial Officer, added, "Our balance sheet is expected to be further strengthened during the second quarter, by our agreeing to transactions that are expected to provide over $87.0 million of additional liquidity. The sales of our older vessels have also been timely, as several have come before the vessels' 2017 special surveys, which according to budgeted amounts will preserve an additional $18 million of liquidity."

For earnings history and earnings-related data on Gener8 Maritime (GNRT) click here.

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