Overview
International Seaways Q3 adjusted EPS beats analyst expectations
Adjusted net income for Q3 exceeds consensus estimates
Company reports Q3 adjusted EBITDA surpassing analyst forecasts
Outlook
International Seaways expects continued strength in tanker rates in the near term
Company cites oil demand growth and constrained tanker supply as market drivers
Geopolitical factors and modest fleet growth impact tanker market conditions
Result Drivers
FLEET OPTIMIZATION - Co sold older vessels and acquired new ones as part of its fleet optimization program
BALANCE SHEET ENHANCEMENTS - Successful bond issuance and new financing arrangements to improve financial flexibility
MARKET CONDITIONS - Strengthened market conditions and firm tanker rates supported results
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Beat | $1.15 | $0.93 (5 Analysts) |
Q3 EPS | $1.42 | ||
Q3 Adjusted Net Income | Beat | $57 mln | $38.98 mln (3 Analysts) |
Q3 Net Income | $71 mln | ||
Q3 Adjusted EBITDA | Beat | $108 mln | $89.97 mln (5 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for International Seaways Inc is $57.25, about 12.4% above its November 5 closing price of $50.14
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release: ID:nBw5dCzXha
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)