Genco Shipping: 3Q Earnings Snapshot
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.