Genco Shipping & Trading Swings to 2Q Profit, Higher Sales

Dow Jones08-06

Genco Trading & Shipping swung to a profit in its second quarter as revenue rose on higher rates and the operation of a larger fleet.

The ocean transportation company reported net income of $16.6 million, or 37 cents a share, compared with a loss of $6.8 million, or 16 cents a share, a year earlier.

Adjusted earnings per share were 65 cents. Analysts polled by FactSet expected 60 cents.

Revenue rose to $136.4 million from $80.9 million a year earlier, driven by higher rates by major and minor bulk vessels and the operation of a larger fleet. Analysts polled by FactSet expected $90.6 million.

Chief Executive John Wobensmith said the company has had momentum on premium-earning assets, industry-low breakeven levels and a leading commercial operating platform.

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