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Genco Shipping: 3Q Earnings Snapshot

November 6, 2019 GMT

NEW YORK (AP) _ Genco Shipping & Trading Ltd. (GNK) on Wednesday reported a third-quarter loss of $14.6 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the New York-based company said it had a loss of 35 cents. Losses, adjusted for asset impairment costs, came to 6 cents per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.

The transporter of drybulk cargo posted revenue of $103.8 million in the period. Its adjusted revenue was $60.8 million.

Genco Shipping shares have risen 25% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.90, a drop of nearly 10% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GNK at https://www.zacks.com/ap/GNK