Scorpio Bulkers Inc. on Tuesday reported a loss of $36.6 million in its third quarter.
On a per-share basis, the company said it had a loss of $3.12. Losses, adjusted for asset impairment costs and non-recurring costs, were $1.15 per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of $1.12 per share.
The dry bulk ocean shipper posted revenue of $46.7 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $47.9 million.
Scorpio Bulkers sold two vessels last week, offloading the 2016-built ultramax SBI Hyperion for $17.5 million, industry news service spash247.com reports.
The sale, slightly below the market value of $18.07m according to VesselsValue, will be completed during the fourth quarter of this year.
Since the company announced a move into the offshore wind sector, ordering a wind turbine installation vessel at DSME, Scorpio has sold five ultramaxes and three kamsarmaxes, raising over $140 million.
Meanwhile, CEO Robert Bugbee told ShippingWatch that Scorpio Bulkers’ recent vessel sales are part of a strategy that will entail a full exit from the dry bulk industry within a few months. Revenue will be directed towards its new wind venture.
FILE PHOTO: A wind turbine installation vessel