Monaco-based Scorpio Tankers Inc. has reported a first-quarter loss of $62.4 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the company said it had a loss of $1.15. Losses, adjusted for non-recurring costs, came to $1.05 per share. The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of $1.08 per share.
The shipping company posted revenue of $134.2 million in the period. Its adjusted revenue was $132.8 million, falling short of Street forecasts. Four analysts surveyed by Zacks expected $134.3 million.
Scorpio Tankers shares have climbed 61 percent since the beginning of the year. The stock has decreased slightly more than 5 percent in the last 12 months.