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EGLE has an appreciative surprise record as its earnings surpassed the Zacks Consensus Estimate in three of the last four quarters (missing the consensus mark in the remaining one), the average surprise being 33%.
The Zacks Consensus Estimate for fourth-quarter earnings has increased 1.6% to $5.58 over the past 60 days.
Against this backdrop, let’s discuss the factors that might have impacted Eagle Bulk’s performance in the December quarter.
Bullishness surrounding the dry bulk market is a huge boon for Eagle Bulk and is likely to have boosted its top line in the soon-to-be-reported quarter. Increased fleet utilization with the gradual resumption of economic activities and an uptick in world trade are likely to get reflected in Genco Shipping’s impending results. The Zacks Consensus Estimate for fourth-quarter fleet utilization is currently pegged at 99%, same as the figure reported for fourth-quarter 2020.
However, charter hire expenses are likely to have increased in the quarter to be reported. The increase in the same might have been due to higher charter hire rates following improvement in the charter hire market. Omicron-related disruptions might also have hurt performance in the to-be-reported quarter.
What Does the Zacks Model Say?
Our proven model predicts an earnings beat for Eagle Bulk 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 an earnings beat, which is the case here as elaborated below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Eagle Bulk has an Earnings ESP of +25.88% as the Most Accurate Estimate is currently pegged at $7.02 while the Zacks Consensus Estimate stands at $5.58. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Eagle Bulk currently carries a Zacks Rank #3.
Highlights of Q3 Earnings
Eagle Bulk's third-quarter earnings of $4.92 per share surpassed the Zacks Consensus Estimate of $4.31. Total revenues of $153.1 million also beat the Zacks Consensus Estimate of $137.8 million
CSX reported fourth-quarter 2021 earnings of 42 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The bottom line improved in double digits year over year owing to higher revenues.
CSX’s total revenues of $3,427 million outperformed the Zacks Consensus Estimate of $3296 million. The top line improved 21.3% year over year on growth across all its businesses as well as revenues from Quality Carriers, which was acquired last July.
Canadian National reported fourth-quarter 2021 earnings (excluding 2 cents from non-recurring items) of $1.36 per share (C$1.71), which surpassed the Zacks Consensus Estimate of $1.21. The bottom line increased in double digits year over year on lower costs.
Canadian National’s quarterly revenues of $2,977.4 million (C$3,753 million) topped the Zacks Consensus Estimate of $2,917.4 million. The top line improved year over year, driven by higher freight rates and fuel surcharges.
GATX reported fourth-quarter 2021 earnings (excluding 11 cents from non-recurring items) of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.07. The bottom line surged more than 200% year over year.
GATX’s total revenues of $321 million increased 5.3% year over year, mainly owing to a 5.2% rise in lease revenues, which came in at $288.4 million. Lease revenues contributed 89.8% to the top line.
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What's in Store for Eagle Bulk Shipping's (EGLE) Q4 Earnings?
Eagle Bulk Shipping is scheduled to release fourth-quarter 2021 results on Mar 3, after market close.
EGLE has an appreciative surprise record as its earnings surpassed the Zacks Consensus Estimate in three of the last four quarters (missing the consensus mark in the remaining one), the average surprise being 33%.
Eagle Bulk Shipping Inc. Price and EPS Surprise
Eagle Bulk Shipping Inc. price-eps-surprise | Eagle Bulk Shipping Inc. Quote
The Zacks Consensus Estimate for fourth-quarter earnings has increased 1.6% to $5.58 over the past 60 days.
Against this backdrop, let’s discuss the factors that might have impacted Eagle Bulk’s performance in the December quarter.
Bullishness surrounding the dry bulk market is a huge boon for Eagle Bulk and is likely to have boosted its top line in the soon-to-be-reported quarter. Increased fleet utilization with the gradual resumption of economic activities and an uptick in world trade are likely to get reflected in Genco Shipping’s impending results. The Zacks Consensus Estimate for fourth-quarter fleet utilization is currently pegged at 99%, same as the figure reported for fourth-quarter 2020.
However, charter hire expenses are likely to have increased in the quarter to be reported. The increase in the same might have been due to higher charter hire rates following improvement in the charter hire market. Omicron-related disruptions might also have hurt performance in the to-be-reported quarter.
What Does the Zacks Model Say?
Our proven model predicts an earnings beat for Eagle Bulk 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 an earnings beat, which is the case here as elaborated below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Eagle Bulk has an Earnings ESP of +25.88% as the Most Accurate Estimate is currently pegged at $7.02 while the Zacks Consensus Estimate stands at $5.58. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Eagle Bulk currently carries a Zacks Rank #3.
Highlights of Q3 Earnings
Eagle Bulk's third-quarter earnings of $4.92 per share surpassed the Zacks Consensus Estimate of $4.31. Total revenues of $153.1 million also beat the Zacks Consensus Estimate of $137.8 million
Sectorial Snapshots
Within the broader Transportation sector, the likes of CSX Corporation (CSX - Free Report) , Canadian National Railway (CNI - Free Report) and GATX Corporation (GATX - Free Report) reported fourth-quarter 2021 results last month.
CSX reported fourth-quarter 2021 earnings of 42 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The bottom line improved in double digits year over year owing to higher revenues.
CSX’s total revenues of $3,427 million outperformed the Zacks Consensus Estimate of $3296 million. The top line improved 21.3% year over year on growth across all its businesses as well as revenues from Quality Carriers, which was acquired last July.
Canadian National reported fourth-quarter 2021 earnings (excluding 2 cents from non-recurring items) of $1.36 per share (C$1.71), which surpassed the Zacks Consensus Estimate of $1.21. The bottom line increased in double digits year over year on lower costs.
Canadian National’s quarterly revenues of $2,977.4 million (C$3,753 million) topped the Zacks Consensus Estimate of $2,917.4 million. The top line improved year over year, driven by higher freight rates and fuel surcharges.
GATX reported fourth-quarter 2021 earnings (excluding 11 cents from non-recurring items) of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.07. The bottom line surged more than 200% year over year.
GATX’s total revenues of $321 million increased 5.3% year over year, mainly owing to a 5.2% rise in lease revenues, which came in at $288.4 million. Lease revenues contributed 89.8% to the top line.