Scorpio Bulkers Inc. has reported fourth-quarter net income of $15.1 million, after reporting a loss in the same period a year earlier, according to Zacks Investment Research.
The Monaco-based company said on Monday, January 27, that it had a profit of 21 cents per share. Earnings, adjusted for asset impairment costs and non-recurring costs, were 57 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 12 cents per share.
The dry bulk ocean shipper posted revenue of $60.3 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $55.2 million.
For the year, the company reported net income of $44.7 million, or 64 cents per share, taking the company into profit. Revenue was reported as $224.6 million.
ORIGINAL SOURCE: Zacks Investment Research