Frontline (FRO) Misses Q2 EPS by 7c, Beats on Revenues

Frontline (NYSE: FRO) reported Q2 EPS of ($0.08), $0.07 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $150.15 million versus the consensus estimate of $104.38 million.

• Reports a net loss attributable to the Company adjusted for certain non-cash items of $14.2 million, or $0.08 per share, for the second quarter of 2017.
• Signed two senior secured term loan facilities of up to $110.5 million provided by ING and $110.5 million provided by Credit Suisse, to partially finance four recent resales and newbuilding contracts.
• Terminated two long term charters for the 1998 built Suezmax tanker Front Brabant and the 2000 built VLCC Front Scilla ahead of the vessels’ scheduled drydockings.
• Ordered two VLCC newbuildings to be constructed at Hyundai Samho Heavy Industries (“HHI”). The vessels are due for delivery in December 2018 and April 2019

For earnings history and earnings-related data on Frontline (FRO) click here.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• Customers Bancorp (CUBI) Tops Q1 EPS by 3c
• Arca Biopharma (ABIO) Reports Q1 Loss of $0.14