Stock Monitor: StealthGas Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 28, 2018 / Active-Investors.com has just released a free earnings report on Scorpio Bulkers Inc. (NYSE: SALT) (“Scorpio”). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SALT. The Company reported its fourth quarter fiscal 2017 operating and financial results on February 05, 2018. The dry bulk ocean shipper surpassed revenue estimates, while its earnings were in-line with market expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for StealthGas Inc. (NASDAQ: GASS), which also belongs to the Services sector as the Company Scorpio Bulkers. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Scorpio Bulkers most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=SALT
Earnings Highlights and Summary
For Q4 2017, Scorpio’s total vessel revenues soared 90.4% to $51.13 million compared to $26.85 million in Q4 2016. The Company’s revenue numbers exceeded analysts’ estimates of $49.4 million.
During Q4 2017, Scorpio’s Time Charter Equivalent (TCE) revenues, defined as vessel revenues less voyage expenses revenues, were $51.03 million, reflecting an increase of 90.3% from $26.82 million in Q4 2016. The Company stated that, in the reported quarter, a large percentage of its fleet was positioned within the Atlantic basin, allowing it to capitalize on the strong coal and petroleum coke volumes to the North Atlantic, while reducing the impact of the announced restrictions on Chinese coal imports.
For Q4 2017, Scorpio’s total operating expenses were $43.2 million compared to $40.9 million in Q4 2016. In the reported quarter, the Company took delivery of nine Ultramax vessels which contributed approximately $2.0 million in operating expenses.
Scorpio’s GAAP net loss was $1.1 million, or $0.01 loss per diluted share, in Q4 2017 compared to a GAAP net loss of $20.6 million, or $0.29 loss per diluted share, in Q4 2016. The Company’s earnings numbers met Wall Street’s estimates for a loss of $0.01 per share.
For FY17, Scorpio’s total vessel revenues increased 106.9% to $162.2 million from $78.4 million in FY16. The Company’s TCE revenues were $161.78 million, reflecting an increase of 106.2% compared to $78.45 million in FY16. The increase in TCE revenues was attributable to rate increases throughout the year; a sustained increase in demand across all bulk sectors, regions, and commodities; as well as a reduction in tonnage supply.
For FY17, Scorpio’s GAAP net loss was $59.7 million, or $0.83 loss per diluted share, compared to a GAAP net loss of $124.8 million, or $2.22 loss per diluted share, for FY16. For FY17, the Company’s adjusted net loss was $41.6 million, or $0.57 loss per diluted share, which excluded the impact of a write down of assets held for sale of $17.7 million, and a write off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million. For FY16, the Company’s adjusted net loss was $99.9 million, or $1.78 loss per diluted share.
Ultramax Operations
Scorpio’s Ultramax Operations’ vessel revenues increased to $30.3 million in Q4 2017 from $16.0 million in Q4 2016. The Ultramax Operations’ TCE revenues were $30.2 million in the reported quarter, and were associated with a day-weighted average of 29 vessels owned and one time chartered-in vessel, compared to $16.0 million for the year ago same period, which was associated with a day-weighted average of 26 vessels owned. The Ultramax Operations’ TCE revenue per day was $10,886 and $7,238 for Q4 2017 and Q4 2016, respectively.
The Ultramax Operations’ vessel operating costs were $14.1 million for Q4 2017, including approximately $1.2 million of takeover costs and contingency expenses related to 29 vessels owned on average during the period, whereas in Q4 2016, vessel operating costs were $12.0 million, related to 26 vessels owned on average during the period. The Ultramax Operations’ daily operating costs, excluding other non-operating expenses, were $4,749 for the reported quarter.
Kamsarmax Operations
During Q4 2017, Scorpio’s Kamsarmax Operations’ vessel revenues increased to $20.9 million from $10.8 million in Q4 2016. The Kamsarmax Operations’ TCE revenues were $20.8 million for the reported quarter, and were associated with a day-weighted average of 18 vessels owned, versus $10.8 million for the prior year’s comparable quarter, which was associated with a day-weighted average of 15 vessels owned and two vessels time chartered-in. The Kamsarmax Operations’ TCE revenue per day was $12,605 and $7,401 for Q4 2017 and Q4 2016, respectively.
The Kamsarmax Operations’ vessel operating costs were $8.7 million for Q4 2017, including approximately $0.5 million of takeover costs and contingency expenses related to 18 vessels owned on average during the reported period. The Kamsarmax Operations’ daily operating costs, excluding takeover and other non-operating expenses, were $4,943 for Q4 2017.
In Q4 2017, no Kamsarmax vessels were time chartered-in; whereas during Q4 2016, two Kamsarmax vessels were time chartered-in, resulting in charter-hire expenses of $2.6 million.
Cash Matters
As of February 02, 2018, Scorpio had approximately $69.1 million in cash and cash equivalents. The Company repurchased approximately 1.5 million shares of its common stock under the Board of Directors authorized stock repurchase program, at a cost of approximately $11.0 million, or at an average cost of $7.51 per share. As of February 02, 2018, approximately $39.0 million of the $50.0 million authorized remained available for the repurchase of the Company’s common stock in open market or privately negotiated transactions.
Vessel Acquisitions
Scorpio acquired nine Chinese-built Ultramax dry bulk vessels in two separate transactions for a total consideration of $207.0 million, of which $186.7 million was paid in cash and $20.3 million was in the form of the Company’s common stock. All nine vessels were delivered to the Company as of December 31, 2017.
The Company also entered into an agreement to purchase one Kamsarmax dry bulk vessel for $25.5 million, of which $18.8 million remained unpaid at December 31, 2017.
Stock Performance Snapshot
February 27, 2018 – At Tuesday’s closing bell, Scorpio Bulkers’ stock was slightly up 0.63%, ending the trading session at $8.05.
Volume traded for the day: 560.07 thousand shares.
Stock performance in the last three-month – up 3.21%; past twelve-month period – up 8.78%; and year-to-date – up 8.78%
After yesterday’s close, Scorpio Bulkers’ market cap was at $644.40 million.
The stock has a dividend yield of 0.99%.
The stock is part of the Services sector, categorized under the Shipping industry.
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