Insweb Corp (NYSE: INSW) reported Q1 EPS of $0.37, $0.06 worse than the analyst estimate of $0.43. Revenue for the quarter came in at $101.87 million versus the consensus estimate of $99.07 million.

• Net income for the first quarter was $10.9 million, or $0.37 per share, compared to a net loss of $29.3 million, or $1.01 per share, in the first quarter of 2018.
• Time charter equivalent (TCE) revenues(A) for the first quarter were $94.0 million, compared to $48.8 million in the first quarter of 2018.
• Adjusted EBITDA(B) for the first quarter was $47.3 million, compared to $6.5 million in the same period of 2018.
• Cash(C) was $137.2 million as of March 31, 2019; total liquidity was $187.2 million, including $50.0 million undrawn revolver.

“During the first quarter, we generated strong cash flow and earnings, as our significant operating leverage to a strengthening market enabled International Seaways to take advantage of a rate environment that was favorable for the majority of the quarter,” said Lois K. Zabrocky, International Seaways’ president and CEO. “We also further strengthened our balance sheet during the quarter, increasing total liquidity to $187.2 million, $19.5 million higher than at December 31, 2018, and $46.0 million higher than one year ago.”

Ms. Zabrocky continued, “With a sizeable fleet and significant upside to a market recovery in the crude and product tanker sectors, we remain well positioned to capitalize on supportive long-term tanker fundamentals, driven by strong and sustained global oil demand, increasing US gulf exports and a manageable order book. We also continue to expect to benefit from incremental demand for both our crude and product tankers as a result of IMO 2020 low sulfur regulations, which we believe will begin to impact the market in the second half of the year. Along with these positive developments, our disciplined capital allocation strategy, strong corporate governance standards and commitment to provide safe, reliable service to our energy customers puts us in an excellent position to create lasting shareholder value going forward.”

For earnings history and earnings-related data on Insweb Corp (INSW) click here.