SFL Corp. (SFL) saw its stock plummet 5% intraday on Wednesday, in what appeared to be a reaction to the shipping company's lackluster fourth quarter earnings results.
For the quarter ended December 31, 2024, SFL reported net income of $20.2 million or $0.15 per share, falling short of analysts' consensus estimate of $23.6 million. The company's adjusted EBITDA of $124 million also missed expectations of $130.9 million.
Despite the earnings miss, SFL highlighted several positive operational developments during the period. This included the issuance of a new $150 million bond, the agreed sale of an older container vessel, SFL's customer Golden Ocean exercising purchase options on 8 capesize bulkers, and SFL receiving $48 million in compensation from Seadrill.
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