TORM (TRMD) reported Q1 basic earnings Thursday of $0.64 per diluted share, down from $2.34 a year earlier.

Analysts polled by FactSet expected $0.64.

Time charter earnings for the quarter ended March 31 were $214.0 million, down from $330.7 million a year earlier.

Analysts surveyed by FactSet expected $214.5 million.

The petroleum transport company also cut its quarterly dividend to $0.40 per share, from the previous $0.60, to be paid June 4 to shareholders as of May 22.

Shares of the company were up more than 1% in recent premarket activity.