Safe Bulkers (NYSE: SB), a provider of marine dry-bulk transportation services, reported a net loss for the second quarter, contrary to the market’s expectations for profit. The bottom-line was hurt by a 3% decline in revenues. The dismal results triggered a selloff and the company’s stock lost sharply Tuesday evening.
For the second quarter, Safe Bulkers reported an adjusted loss of $0.01 per share, compared to earnings of $0.02 per share in the same period of last year. Analysts had forecast earnings for the latest quarter. Reported profit was $1.8 million, compared to $4.1 million last year. On a per-share basis, it was an unadjusted loss of $0.01 per share, compared to earnings of $0.01 per share in the year-ago quarter.
At $45.5 million, revenues were lower by 3% from the second quarter of 2018 but slightly above Wall Street’s prediction. The top-line was hurt by a decline in charter rates due to the weakness in the charter market.
On average, the company operated 41 vessels during the June-quarter, compared to 39.19 vessels last year. The time charter equivalent rate, which represents charter revenues net of commissions and voyage expenses divided by the number of days, dropped to $11,970 in the second quarter from $13,225 in the same period of 2018.
“In the first half of 2019 the charter market was weak with the BDI averaging 895. Since then the BDI has risen to an average of 1,904 for the 3rd quarter to date and as a consequence we are now entering into charters at much higher rates. We are on track with our environmental investments and about 25% of our planned scrubber installations were commissioned,” said Loukas Barmparis, president of Safe Bulkers.
Safe Bulkers’ shares have been trending below their long-term average for quite some time, and often traded below the $2-mark. The stock has lost 16% since the beginning of the year. It dropped about 7% during Tuesday’s extended trading, after closing the regular session higher.
Nvidia Corporation (NASDAQ: NVDA) Wednesday said its fourth-quarter revenues and profit increased in double-digits amid elevated demand. The results also topped the Street view, driving the stock higher during the
Nutanix (NASDAQ: NTNX) reported second quarter 2021 earnings results today. Total revenue remained flat at $346.4 million compared to the same period a year ago. GAAP net loss was $287.3
Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer