Baltic Trading Limited (NYSE:BALT) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Baltic Trading Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were $-0.19 in the quarter.
Revenue: Decreased 16.05% to $6.38 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Baltic Trading Limited reported adjusted EPS loss of $0.19 per share. By that measure, the company beat the mean analyst estimate of $-0.20. It beat the average revenue as well.
Quoting Management: John C. Wobensmith, President and Chief Financial Officer, commented, “During the second quarter, we continued to employ our fleet of modern vessels on spot market-related time charters with multi-national companies while preserving a cost-effective operating platform. We also declared a dividend of $0.01 per share for the second quarter, increasing the cumulative dividend declared by the Company to $1.04 per share since going public in March 2010. Seeking to position the Company to capitalize on a rising freight rate environment when market conditions improve, we agreed last month to acquire two Handysize vessels expanding our high-quality fleet approximately 10% on a tonnage basis. We remain dedicated to maintaining a sound capital structure and pursuing additional acquisition opportunities that create long-term value for our shareholders.”
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)