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INSW has an impressive earnings surprise record. Its bottom line surpassed the Zacks Consensus Estimate in each of the last four quarters, the average beat being 12.58%.
The Zacks Consensus Estimate for earnings has been revised 5.8% upward to $2.38 per share over the past 90 days.
Against this backdrop, let’s delve into the factors likely to have impacted International Seaways’ March-quarter performance.
INSW’s performance is expected to have been affected by supply-chain disruptions. High operating expenses due to the increased average number of vessels in its fleet are likely to have hurt the bottom line. Steep fuel costs are also likely to have raised total expenses.
The attacks by Yemen’s Houthi militants on vessels in Red Sea have disrupted maritime trade. As a result, many shipping companies, including INSW, have hit the pause button as far as transit through this route is concerned.
Reduced container availability due to Red Sea tensions has resulted in a freight rate hike. Lower capacity is expected to have boosted earnings. Owing to high freight rates, and strong global demand for oil and oil products, the first-quarter results of tanker companies like INSW should be impressive.
With gradual resumption of economic activities, world trade has gained pace, which, in turn, may aid the first-quarter results of shipping stocks like International Seaways. This is because the shipping industry is responsible for transporting several goods involved in world trade.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for International Seaways 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.
Earnings ESP: International Seaways has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Q1 Performances of Some Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year. Delta expects adjusted earnings of $2.20-$2.50 per share for second-quarter 2024.
CSX Corporation's (CSX - Free Report) first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3.68 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line decreased 1% year over year due to lower fuel surcharge, a decline in other revenues, lower trucking revenues and reduced export coal prices.
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What Awaits International Seaways (INSW) in Q1 Earnings?
International Seaways (INSW - Free Report) is scheduled to release first-quarter 2024 earnings on May 8, before market open.
INSW has an impressive earnings surprise record. Its bottom line surpassed the Zacks Consensus Estimate in each of the last four quarters, the average beat being 12.58%.
International Seaways Inc. Price and EPS Surprise
International Seaways Inc. price-eps-surprise | International Seaways Inc. Quote
The Zacks Consensus Estimate for earnings has been revised 5.8% upward to $2.38 per share over the past 90 days.
Against this backdrop, let’s delve into the factors likely to have impacted International Seaways’ March-quarter performance.
INSW’s performance is expected to have been affected by supply-chain disruptions. High operating expenses due to the increased average number of vessels in its fleet are likely to have hurt the bottom line. Steep fuel costs are also likely to have raised total expenses.
The attacks by Yemen’s Houthi militants on vessels in Red Sea have disrupted maritime trade. As a result, many shipping companies, including INSW, have hit the pause button as far as transit through this route is concerned.
Reduced container availability due to Red Sea tensions has resulted in a freight rate hike. Lower capacity is expected to have boosted earnings. Owing to high freight rates, and strong global demand for oil and oil products, the first-quarter results of tanker companies like INSW should be impressive.
With gradual resumption of economic activities, world trade has gained pace, which, in turn, may aid the first-quarter results of shipping stocks like International Seaways. This is because the shipping industry is responsible for transporting several goods involved in world trade.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for International Seaways 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.
Earnings ESP: International Seaways has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: International Seaways presently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Q1 Performances of Some Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year. Delta expects adjusted earnings of $2.20-$2.50 per share for second-quarter 2024.
CSX Corporation's (CSX - Free Report) first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3.68 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line decreased 1% year over year due to lower fuel surcharge, a decline in other revenues, lower trucking revenues and reduced export coal prices.