Frontline Clocks ~77% Revenue Growth In Q2

Frontline Ltd FRO reported a second-quarter operating revenue increase of 76.7% year-over-year to $300.44 million.
Reported spot TCEs for VLCCs, Suezmax tankers, and LR2 tankers in the second quarter of 2022 were $16,400, $26,500, and $38,600 per day, respectively.
Adjusted EPS was $0.21, an improvement from $(0.12) in 2Q21.
Net cash provided by operating activities year-to-date totaled $82.51 million, compared to $41.22 million a year ago.
As of June 30, 2022, FRO had acquired 13.66 million shares in Euronav NV EURN. In April, Frontline and Euronav agreed on a stock-for-stock combination.
Dividend: The company declared a dividend of $0.15 per share, payable on October 3, 2022, to shareholders of record date September 16, 2022.
3Q22 Outlook: Frontline estimates spot TCE on a load-to-discharge basis of $28,100 contracted for 73% of vessel days for VLCCs, $45,000 contracted for 73% of vessel days for Suezmax tankers, and $46,200 contracted for 62% of vessel days for LR2 tankers.
Price Action: FRO shares are trading lower by 0.75% at $11.91 on the last check Thursday.

Momentum14.27

Growth41.20

Quality51.23

Value85.27

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