UPDATE: Overseas Shipholding Group (OSG) Reports Q3 Loss of $0.01 on Revenues of $107.7M
Overseas Shipholding Group (NYSE: OSG) reported Q3 EPS of ($0.01), versus ($0.04) reported last year. Revenue for the quarter came in at $107.7 million, versus $80.93 million reported last year.
Highlights
- Net loss for the third quarter 2020 was $0.7 million, or $(0.01) per diluted share, compared with a net loss of $3.8 million, or $(0.04) per diluted share, for the third quarter 2019.
- Shipping revenues for the third quarter 2020 were $105.7 million, up 30.7% compared with the third quarter 2019.
- Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the third quarter 2020 were $92.2 million, up 20.6% compared with the third quarter 2019.
- Third quarter 2020 Adjusted EBITDA(B), a non-GAAP measure, was $21.8 million, up 35.7% from $16.1 million in the third quarter 2019.
- Third quarter 2020 193 day increase in off hire days due to drydock activities, resulting in a $9.9 million loss in revenues.
- Total cash(C) was $54.1 million as of September 30, 2020.
- On July 30, 2020, the Company repaid, using cash on hand, its $24 million term loan secured by the Overseas Gulf Coast.
Sam Norton, President and CEO, stated, “OSG delivered solid financial results in the quarter just completed. We continued to benefit from a high percentage of fixed revenue streams and we have continued to manage pandemic related logistical, health, safety and other costs in line with expectations. As a result, cashflow from operations continued to be strong, particularly when considering the nearly 200 days of revenue lost during the quarter to drydock operations. We have taken steps to preserve value and to strengthen our liquidity in anticipation of heightened volatility in the months ahead. With a strengthened balance sheet and the good prospects for a sustained recovery in 2021, we remain confident in our long-term strategy and the fundamentals of our business.
Mr. Norton added, “The sense of responsibility shared by OSG’s mariners and shore-based support team in meeting the essential need to supply transportation fuels to the markets that we serve is commendable. We are managing our operations very much aware that the systems within which we operate are under stress, with risks and vulnerabilities that have previously not affected our performance. The contribution made by all of our employees, and in particular our seafarers, in realizing the strong financial results reported this morning should thus be applauded by all who benefit from their service.”
For earnings history and earnings-related data on Overseas Shipholding Group (OSG) click here.