Gener8 Maritime (GNRT) Tops Q4 EPS by 7c

Gener8 Maritime (NYSE: GNRT) reported Q4 EPS of $0.24, $0.07 better than the analyst estimate of $0.17.

• Recorded net income of $5.8 million, or $0.07 basic and diluted earnings per share, for the three months ended December 31, 2016, compared to $45.5 million or $0.55 basic and diluted earnings per share for the same period in the prior year. Recorded adjusted net income of $20.1 million, or $0.24 basic and diluted adjusted earnings per share, for the three months ended December 31, 2016, compared to $47.7 million or $0.58 basic and diluted earnings per share for the same period in the prior year.
• Increased vessel operating days by 52.0% to 3,533 in the three months ended December 31, 2016 compared to 2,319 in the same period in the prior year. Increased "ECO" VLCC operating days to 77% of VLCC operating days in the three months ended December 31, 2016, compared to 29% in the same period in the prior year.
• Increased full fleet "ECO" operating days to 43% in the three months ended December 31, 2016, compared to 9% in the same period in the prior year.
• Took delivery of five "ECO" newbuilding VLCCs since the end of the third quarter of 2016. The Gener8 Miltiades, the Gener8 Noble and the Gener8 Theseus were delivered during the fourth quarter of 2016, and the Gener8 Hector and the Gener8 Ethos were delivered subsequent to the end of the quarter.
• Sold the 2000-built Suezmax tanker Gener8 Spyridon in December 2016 for net proceeds of $1.8 million after prepaying $11.7 million of associated debt.
• Sold the 2003-built VLCC tanker Gener8 Ulysses in February 2017 for net proceeds of $10.2 million after prepaying $20.0 million of associated debt.

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

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