Star Bulk Carriers (SBLK) said after close Monday that it earned $0.34 per share in quarter three 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 $223.1 million, beating estimates by $65.5 million.
In the same quarter a year ago, the company earned $1.33 per share on revenue of $364.1 million.
The stock is down 1.94% to $18.16 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 Strong Buy on the stock prior to the report.
Trading in the five days leading up to the report earned Star Bulk Carriers a Neutral Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 53. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.
Star Bulk Carriers Corp provides seaborne transportation solutions in the dry bulk sector. The company owns and operates dry bulk carrier vessels, which are used to transport major bulks, such as iron ore, coal, grains, bauxite, fertilizers, and steel products. It owns a fleet of vessels that consists of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Panamax, and Supramax. It generates revenues through the voyages it carries out.
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Star Bulk Carriers Down 1.94% To $18.16 After Earnings Beat
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