Maritime shipping company Genco (NYSE:GNK) will be announcing earnings results tomorrow after market hours. Here’s what you need to know.
Genco met analysts’ revenue expectations last quarter, reporting revenues of $67.53 million, down 5.4% year on year. It was a mixed quarter for the company, with a decent beat of analysts’ EBITDA estimates but a miss of analysts’ EPS estimates. It reported 42 owned vessels, down 8.7% year on year.
Is Genco a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Genco’s revenue to decline 46.5% year on year to $42.31 million, a reversal from the 42.5% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.27 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Genco has missed Wall Street’s revenue estimates three times over the last two years.
Looking at Genco’s peers in the marine transportation segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Scorpio Tankers’s revenues decreased 47.6% year on year, beating analysts’ expectations by 1.7%, and Matson reported revenues up 8.3%, falling short of estimates by 4.4%. Scorpio Tankers traded up 5.4% following the results.
Read our full analysis of Scorpio Tankers’s results here and Matson’s results here.
There has been positive sentiment among investors in the marine transportation segment, with share prices up 12.3% on average over the last month. Genco is up 10.9% during the same time and is heading into earnings with an average analyst price target of $19.37 (compared to the current share price of $13.46).
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