FRONTLINE PLC (FRO) shares plummeted 5.02% during intraday trading on Friday, following the release of the company's first-quarter financial results.
The sharp decline came after Frontline reported adjusted earnings of $1.55 per diluted share for the quarter ended March 31. While this was a significant increase from $0.18 per share a year earlier, it fell short of analyst expectations. According to one report, analysts polled by FactSet had anticipated earnings of $1.65 per share.
Total revenue and other operating income for the quarter were reported at $929.3 million, substantially higher than the $428.1 million recorded a year ago and above analyst forecasts. However, the market's focus appeared to be on the adjusted earnings miss, driving the stock price lower in the session.
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