Scorpio Tankers Q1 Earnings Top Estimates, Declares Dividend

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