Grindrod Shipping Holdings Ltd (GRIN) said after close Wednesday that it lost $0.22 per share in quarter one 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $76.8 million, beating estimates by $39 million.
In the same quarter a year ago, the company earned $1.56 per share on revenue of $110.3 million.
The stock is down 6.60% to $9.35 after the report.
Grindrod Shipping Holdings Ltd's profit margins took a hit as earnings fell at a faster pace than revenues.
The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.
InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.
Grindrod Shipping Holdings Ltd has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 12, putting Grindrod Shipping Holdings Ltd in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $9.66 on April 10, 2023 and set a 52-week high on May 20, 2022 at $28.98.
Grindrod Shipping Holdings Ltd owns charters in and operates a fleet of drybulk carriers and one tanker. The drybulk carrier's business is further divided into handysize, and supramax. It generates its revenue from Vessels which comprise charter hire of ships and freight revenue.
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Grindrod Shipping Holdings Ltd Down 6.60% To $9.35 After Earnings Beat
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