Golden Ocean Clocks 27% Revenue Decline In Q3, Declares Dividend

Golden Ocean Group Ltd GOGL reported a third-quarter FY22 sales decline of 27.2% year-on-year to $282.05 million.
Reported TCE rates for Capesize and Panamax/Ultramax vessels of $22,658 per day and $23,562 per day, respectively in Q3.
The operating expenses increased 18.7% Q/Q to $202.2 million.
The operating margin was 36%, and operating income for the quarter fell 34.7% Q/Q to $101.6 million.
The company held $132.3 million in cash and equivalents as of September 30, 2022. Cash provided by operating activities totaled $98.7 million.
Adjusted EBITDA for the quarter fell 38.3% sequentially to $118.2 million.
EPS was $0.52 versus $0.97 a year ago.
The company announced a cash dividend of $0.35 per share for Q3, payable on or about December 5, 2022, to shareholders of record on November 28, 2022.
In October 2022, the company introduced a share buy-back program of up to $100.0 million for a period up to 12 months, commencing October 4, 2022.
Price Action: GOGL shares are trading lower by 12% at $8.51 on the last check Wednesday.

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