Home / Shipping News / Hellenic Shipping News / Star Bulk Carriers Corp. Reports Net Profit of $35.8 Million for the First Quarter of 2021 and Declares Quarterly Dividend of $0.30 Per Share
Star Bulk Carriers Corp. Reports Net Profit of $35.8 Million for the First Quarter of 2021 and Declares Quarterly Dividend of $0.30 Per Share
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the first quarter of 2021. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to “we,” “us,” “our,” or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries.
Shares of
Star Bulk Carriers (NASDAQ:SBLK) stock tumbled 10% through 11:20 a.m. EDT Thursday after the ocean-going freighter of dry bulk goods reported a titanic increase in earnings for its fiscal first quarter of 2021.
Heading into Q1, analysts had forecast that Star Bulk would earn $0.43 per share on $168.9 million in sales for the quarter. Star Bulk beat that revenue estimate, with sales of $200.5 million, but it missed badly on earnings, bringing in $0.36 per share in profit.
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So what
And yet, $0.36 per share is not an objectively bad number. Given that a year ago, Star Bulk earned $0.03 per share on $160.9 million in revenue, $0.36 per share works out to a 12-fold increase in earnings on just a 25% increase in revenue.
Eneti Inc. Announces First Quarter Net Income of $41.9 Million
Eneti Inc. reported its results for the three months ended March 31, 2021.
The Company also announced that on May 14, 2021 its Board of Directors declared a quarterly cash dividend of $0.05 per share on the Company’s common shares.
Results for the Three Months Ended March 31, 2021 and 2020
• For the first quarter of 2021, the Company’s GAAP net income was $41.9 million, or $3.84 per diluted share, including:
• a gain subsequent to an increase in fair value less costs to sell of approximately $15.5 million, or $1.43 per diluted share, taken related to the Company’s previously announced plan to exit the dry bulk industry. The gain is primarily the result of an increase in the fair value of common shares of Star Bulk Carriers Corp. (“Star Bulk”) (NASDAQ: SBLK) and Eagle Bulk Shipping Inc. (“Eagle”) (NASDAQ: EGLE) received or to be received as a portion of the compensation for the purchase of certain of
Eneti Inc. Announces Financial Results for the First Quarter of 2021 and Declares a Quarterly Cash Dividend padovanews.it - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from padovanews.it Daily Mail and Mail on Sunday newspapers.
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