Golden Ocean Gp Up 7.78% To $12.89 After Earnings Beat

Wednesday, February 28, 2024 - Golden Ocean Gp (GOGL) reported upside earnings and revenues today.

Golden Ocean Gp's earnings came in at an EPS of $0.32 per share, 19.00% higher than estimates for an EPS of $0.27 per share. The firm's earnings are down 6% since reporting $0.34 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were upbeat at $254.2 million. That is an increase of 1.86% in revenues from the year-ago report and is 31.63% higher than consensus estimates set at $193.1 million.

The stock is up 7.78% to $12.89 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Golden Ocean Gp a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 37. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Golden Ocean Group Ltd is a Bermuda-based dry bulk shipping company. Its business involves the transportation of dry bulk cargo including ores, coal, grains and fertilizers through its fleet of owned and chartered vessels, bareboat vessels, commercial management vessels and new buildings are chartered-out on fixed rate time charters and index-linked time charter contracts.