Euronav Q1 Results Surpass Street Expectations

Euronav NV EURN reported that first-quarter revenue improved by 5.1% year-over-year to $114.37 million, beating the consensus of $92.73 million. Total shipping income was $130.4 million.
EPS loss was $(0.21), beating the consensus of $(0.42).
EBITDA was $42.66 million (+49.3% Y/Y), and the margin expanded by 1,104 bps to 37.3%.
Total operating expenses declined to $149.44 million from $173.64 million a year ago.
EURN's net cash used in operating activities for Q1 totaled $(44.21) million, compared to cash generated of $50.62 million in 1Q21.
At the end of March 2022, Euronav had liquidity of $614 million, comprised of $169.6 million cash and $444.4 million undrawn committed credit facilities.
Also Read: H.C. Wainwright Raises Frontline's Price Target Post Merger Announcement
Euronav's annual general meeting is to be held next week in Antwerp.
Price Action: EURN shares are trading lower by 3.13% at $10.21 on the last check Thursday.