Scorpio Tankers Q1 Earnings Top Estimates, Declares Dividend

Zinger Key Points
  • Scorpio CFO Brian Lee will be stepping down at the end of September 2023.
  • When the quarter ended, cash and equivalents were pegged at $612.66 million.

Scorpio Tankers Inc. (NYSE: STNG) first-quarter FY23 vessel revenue jumped 120.9% year-over-year to $384.43 million, missing the consensus of $391.64 million.

  • Adjusted EPS of $3.31 beat the consensus of $3.21.
  • Higher Time Charter Equivalent revenue, or TCE revenue, and an increased number of vessels operating outside the Scorpio pools led to an increase in voyage revenue.
  • TCE revenue increased by 119.2% Y/Y to $377.16 million for the quarter, and average TCE revenue per day increased to $37,500 from $15,415 per day Y/Y.
  • Operating expenses declined 30.6% to $153.2 million.
  • Adjusted EBITDA jumped 260.6% to $286.39 million.
  • When the quarter ended, cash and equivalents were pegged at $612.66 million.
  • Dividend: Scorpio declared a quarterly cash dividend of $0.25 per common share, with a payment date of June 30, 2023, to all shareholders of record as of June 13, 2023.
  • CFO Transition: Scorpio CFO Brian Lee is stepping down at the end of September. Chief Accounting Officer Christopher Avella will replace him. 

Price Action: STNG shares opened at $52.03 when the market opened on Tuesday, but were down 5% at the time of writing.

Image courtesy of Scorpio

 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsTop StoriesMarketsMoversTrading IdeasGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!