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GNK has an appreciative surprise record as its earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average being 29.64%. The Zacks Consensus Estimate for first-quarter earnings has been stable at 98 cents over the past 60 days.
Against this backdrop, let’s discuss the factors that might have impacted Genco Shipping’s performance in the March quarter.
Bullishness surrounding the dry bulk market is a huge boon for Genco Shipping 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 first-quarter fleet utilization is currently pegged at an impressive 97%.
On the flip side, COVID-related expenses and higher crew-related costs might have increased the daily vessel-operating expenses. High fuel costs due to the surge in oil price are also likely to have hurt the bottom-line performance in the to-be-reported quarter.
What Does the Zacks Model Say?
Our proven model does not predict an earnings beat for Genco Shipping 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 not the case here as elaborated below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Genco Shipping has an Earnings ESP of -3.08% as the Most Accurate Estimate is 3 cents below the Zacks Consensus Estimate of 98 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Genco Shipping currently carries a Zacks Rank #3 (Hold).
Highlights of Q4 Earnings
Genco Shipping's fourth-quarter earnings (excluding 14 cents from non-recurring items) of $1.99 per share surpassed the Zacks Consensus Estimate of $1.89. Total revenues of $146.7 million also beat the Zacks Consensus Estimate of $129.3 million.
Earnings 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 first-quarter 2022 results earlier this month.
CSX’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results.
The bottom line improved 25.81% year over year owing to increased revenues, driven by higher shipping rates. Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million.
Canadian National’sfirst-quarter 2022 earnings (excluding a penny from non-recurring items) of $1.04 per share (C$1.32) missed the Zacks Consensus Estimate of $1.08. Results were hurt by supply-chain disruptions and severe winter weather conditions. However, the bottom line improved 7.2% year over year.
Quarterly revenues of $2,927.4 million (C$3,708 million) outperformed the Zacks Consensus Estimate of $2,898.6 million and increased 4.9% year over year, driven by strong freight demand, and higher fuel surcharge and freight rates.
GATX Corporation’s first-quarter 2022 earnings (excluding 24 cents from non-recurring items) of $2.34 per share surpassed the Zacks Consensus Estimate of $1.37. The bottom line surged more than 100% year over year.
The performance on the top-line front was not so impressive with total revenues improving only 3.5% to $316.8 million. Moreover, despite a solid demand scenario with economic activities gaining pace, GATX did not raise its earnings (excluding the impact of Tax Adjustments and Other Items) guidance for 2022 and still expects the metric in the $5.50-$5.80 per share range.
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What's in the Offing for Genco Shipping (GNK) in Q1 Earnings?
Genco Shipping & Trading Limited (GNK - Free Report) is scheduled to release first-quarter 2022 results on May 4, after market close.
Genco Shipping & Trading Limited Price and EPS Surprise
Genco Shipping & Trading Limited price-eps-surprise | Genco Shipping & Trading Limited Quote
GNK has an appreciative surprise record as its earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average being 29.64%. The Zacks Consensus Estimate for first-quarter earnings has been stable at 98 cents over the past 60 days.
Against this backdrop, let’s discuss the factors that might have impacted Genco Shipping’s performance in the March quarter.
Bullishness surrounding the dry bulk market is a huge boon for Genco Shipping 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 first-quarter fleet utilization is currently pegged at an impressive 97%.
On the flip side, COVID-related expenses and higher crew-related costs might have increased the daily vessel-operating expenses. High fuel costs due to the surge in oil price are also likely to have hurt the bottom-line performance in the to-be-reported quarter.
What Does the Zacks Model Say?
Our proven model does not predict an earnings beat for Genco Shipping 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 not the case here as elaborated below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Genco Shipping has an Earnings ESP of -3.08% as the Most Accurate Estimate is 3 cents below the Zacks Consensus Estimate of 98 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Genco Shipping currently carries a Zacks Rank #3 (Hold).
Highlights of Q4 Earnings
Genco Shipping's fourth-quarter earnings (excluding 14 cents from non-recurring items) of $1.99 per share surpassed the Zacks Consensus Estimate of $1.89. Total revenues of $146.7 million also beat the Zacks Consensus Estimate of $129.3 million.
Earnings 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 first-quarter 2022 results earlier this month.
CSX’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results.
The bottom line improved 25.81% year over year owing to increased revenues, driven by higher shipping rates. Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million.
Canadian National’sfirst-quarter 2022 earnings (excluding a penny from non-recurring items) of $1.04 per share (C$1.32) missed the Zacks Consensus Estimate of $1.08. Results were hurt by supply-chain disruptions and severe winter weather conditions. However, the bottom line improved 7.2% year over year.
Quarterly revenues of $2,927.4 million (C$3,708 million) outperformed the Zacks Consensus Estimate of $2,898.6 million and increased 4.9% year over year, driven by strong freight demand, and higher fuel surcharge and freight rates.
GATX Corporation’s first-quarter 2022 earnings (excluding 24 cents from non-recurring items) of $2.34 per share surpassed the Zacks Consensus Estimate of $1.37. The bottom line surged more than 100% year over year.
The performance on the top-line front was not so impressive with total revenues improving only 3.5% to $316.8 million. Moreover, despite a solid demand scenario with economic activities gaining pace, GATX did not raise its earnings (excluding the impact of Tax Adjustments and Other Items) guidance for 2022 and still expects the metric in the $5.50-$5.80 per share range.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.