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Against this backdrop, let’s delve into the factors that might have impacted the company’s September-quarter performance.
Frontline’s performance in the to-be-reported quarter is expected to have been affected by the coronavirus-induced supply-chain disruptions. Moreover, demand for oil and gas is still suppressed, thereby reducing the need for tankers. In fact, while releasing second-quarter results management had warned of a depressed tanker market for the remainder of 2020.
However, decreased voyage operating expenses on a year-over-year basis amid the coronavirus-led lower fleet utilization are likely to have boosted the bottom line in the to-be-reported quarter. Moreover, the gradual increase in demand for transportation following the re-opening of economic activities is likely to aid results and boost the company’s operating revenues.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Frontline this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of a positive surprise. But that is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Frontline has an Earnings ESP of 0.00% as the Most Accurate Estimate is in line with the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Frontline carries a Zacks Rank #3, currently.
Highlights of Q2 Earnings
In the last reported quarter, the company’s earnings (excluding 3 cents from non-recurring items) of $1.04 surpassed the Zacks Consensus Estimate of 98 cents. Moreover, the bottom line skyrocketed more than 100% year over year. However, revenues of $301.1 million fell short of the Zacks Consensus Estimate of $315.3 million.
Snapshots of Sectorial Releases
Below we present the third-quarter reports of three top-ranked companies in the Zacks Transportation sector.
United Parcel Service’s (UPS - Free Report) third-quarter 2020 earnings (excluding 4 cents from non-recurring items) per share of $2.28 surpassed the Zacks Consensus Estimate of $1.86. The bottom line also improved 10.1% year over year. UPS, currently carrying a Zacks Rank #2, generated $21,238 million revenues in the quarter, which outpaced the Zacks Consensus Estimate of $20,079.6 million.
Expeditors International of Washington’s (EXPD - Free Report) third-quarter 2020 earnings of $1.12 per share surpassed the Zacks Consensus Estimate of 98 cents and improved 21.7% on a year-over-year basis too. The top line not only rose 18.8% year over year to $2,464.8 million but also surpassed the Zacks Consensus Estimate of $2,315.1 million. The stock currently carries a Zacks Rank of 2.
Knight-Swift Transportation Holdings’ (KNX - Free Report) third-quarter 2020 earnings (excluding 8 cents from non-recurring items) of 79 cents per share surpassed the Zacks Consensus Estimate of 63 cents. Moreover, the bottom line surged 64.6% year over year. Total revenues of $1,210.4 million beat the Zacks Consensus Estimate of $1,160.9 million and also increased marginally year over year, driven by higher revenues in the Trucking and Logistics segment. The stock currently sports a Zacks Rank #1.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
Frontline (FRO) to Report Q3 Earnings: What's in the Offing?
Frontline Ltd. (FRO - Free Report) is scheduled to release third-quarter 2020 results on Nov 25.
Notably, the Zacks Consensus Estimate for third-quarter earnings per share has declined 2.8% to 35 cents over the past 60 days.
Frontline Ltd. Price and EPS Surprise
Frontline Ltd. price-eps-surprise | Frontline Ltd. Quote
Against this backdrop, let’s delve into the factors that might have impacted the company’s September-quarter performance.
Frontline’s performance in the to-be-reported quarter is expected to have been affected by the coronavirus-induced supply-chain disruptions. Moreover, demand for oil and gas is still suppressed, thereby reducing the need for tankers. In fact, while releasing second-quarter results management had warned of a depressed tanker market for the remainder of 2020.
However, decreased voyage operating expenses on a year-over-year basis amid the coronavirus-led lower fleet utilization are likely to have boosted the bottom line in the to-be-reported quarter. Moreover, the gradual increase in demand for transportation following the re-opening of economic activities is likely to aid results and boost the company’s operating revenues.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Frontline this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of a positive surprise. But that is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Frontline has an Earnings ESP of 0.00% as the Most Accurate Estimate is in line with the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Frontline carries a Zacks Rank #3, currently.
Highlights of Q2 Earnings
In the last reported quarter, the company’s earnings (excluding 3 cents from non-recurring items) of $1.04 surpassed the Zacks Consensus Estimate of 98 cents. Moreover, the bottom line skyrocketed more than 100% year over year. However, revenues of $301.1 million fell short of the Zacks Consensus Estimate of $315.3 million.
Snapshots of Sectorial Releases
Below we present the third-quarter reports of three top-ranked companies in the Zacks Transportation sector.
United Parcel Service’s (UPS - Free Report) third-quarter 2020 earnings (excluding 4 cents from non-recurring items) per share of $2.28 surpassed the Zacks Consensus Estimate of $1.86. The bottom line also improved 10.1% year over year. UPS, currently carrying a Zacks Rank #2, generated $21,238 million revenues in the quarter, which outpaced the Zacks Consensus Estimate of $20,079.6 million.
Expeditors International of Washington’s (EXPD - Free Report) third-quarter 2020 earnings of $1.12 per share surpassed the Zacks Consensus Estimate of 98 cents and improved 21.7% on a year-over-year basis too. The top line not only rose 18.8% year over year to $2,464.8 million but also surpassed the Zacks Consensus Estimate of $2,315.1 million. The stock currently carries a Zacks Rank of 2.
Knight-Swift Transportation Holdings’ (KNX - Free Report) third-quarter 2020 earnings (excluding 8 cents from non-recurring items) of 79 cents per share surpassed the Zacks Consensus Estimate of 63 cents. Moreover, the bottom line surged 64.6% year over year. Total revenues of $1,210.4 million beat the Zacks Consensus Estimate of $1,160.9 million and also increased marginally year over year, driven by higher revenues in the Trucking and Logistics segment. The stock currently sports a Zacks Rank #1.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>