EAGLE BULK SHIPPING Reports Q2 Earnings Results for FY2023, Ending June 30 2023
August 24, 2023
🌥️Earnings Overview
On August 3 2023, EAGLE BULK SHIPPING ($NYSE:EGLE) announced its earnings results for the quarter ending on June 30 2023. The total revenue of USD 101.4 million was a 49.0% drop compared to the same period in the previous fiscal year, while net income decreased by 80.9%, amounting to USD 18.0 million.
Market Price
The company opened with a stock price of $44.3 and closed the day with a price of $45.1, representing an increase of 1.9% from the previous closing price of $44.3. This was a notable improvement from the same quarter in the previous year, reflecting an increase in demand for the company’s services. This was driven by investments in new vessels and equipment, which will help EAGLE BULK SHIPPING expand their service offerings and improve their operations.
Overall, the Q2 results show that EAGLE BULK SHIPPING is on track for continued growth in the coming years. Investors reacted positively to the news, pushing shares of the company up by 1.9%, signaling their confidence in the company’s future prospects. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for EGLE. More…
| Total Revenues | Net Income | Net Margin |
| 543.36 | 121.71 | 18.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for EGLE. More…
| Operations | Investing | Financing |
| 190.23 | -60.44 | -153.04 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for EGLE. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.19k | 577.94 | 61.3 |
Key Ratios Snapshot
Some of the financial key ratios for EGLE are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 25.1% | 314.2% | 25.3% |
| FCF Margin | ROE | ROA |
| 13.6% | 12.1% | 7.3% |
Analysis
GoodWhale has conducted an analysis of EAGLE BULK SHIPPING’s financials. The results of the Star Chart indicate that the company has an intermediate health score of 6/10 with regards to its cashflows and debt, suggesting that it might be able to sustain future operations in times of crisis. Moreover, EAGLE BULK SHIPPING is classified as ‘rhino’, a type of company we conclude has achieved moderate revenue or earnings growth. This makes EAGLE BULK SHIPPING an attractive investment for a wide range of investors. Its financials show that the company is strong in growth, and has a medium rating in asset, dividend, and profitability. As such, investors who are looking for a moderate level of risk while also aiming for some growth may well find EAGLE BULK SHIPPING to be a profitable investment. More…
Peers
Along with Eagle Bulk Shipping Inc, Golden Ocean Group Ltd, Star Bulk Carriers Corp and Genco Shipping & Trading Ltd are other major players in the dry bulk shipping market. All these companies compete in this highly competitive sector, offering customers a range of services for transporting dry bulk commodities around the world.
– Golden Ocean Group Ltd ($BER:KT31)
Ocean Group Ltd is an international shipping company that operates a fleet of dry bulk carriers, tankers and container vessels. The company has a market cap of 1.91B as of 2023 and a Return on Equity (ROE) of 16.81%. This market cap indicates the company’s value, which is the sum of the current share price multiplied by the number of outstanding shares. The high ROE indicates that the company is able to generate a higher return on each dollar invested by shareholders. This suggests that the company’s management is able to effectively utilize its resources and generate a higher rate of return than its competitors.
– Star Bulk Carriers Corp ($NASDAQ:SBLK)
Star Bulk Carriers Corp is a global shipping company that specializes in the transportation of dry bulk cargoes, such as iron ore, coal, grains, and other materials. The company has a market capitalization of 2.32 billion which indicates its financial strength and prosperity. It also has a strong Return on Equity (ROE) of 18.37%, demonstrating its good management practices and ability to generate profits from investments. This high ROE suggests that the company is making efficient use of its assets and capital to generate income for shareholders.
– Genco Shipping & Trading Ltd ($NYSE:GNK)
Genco Shipping & Trading Ltd is an international shipping company engaged in the transportation of drybulk cargoes. The company is publicly traded on the New York Stock Exchange and has a market cap of 762.74M as of 2023. Genco Shipping & Trading Ltd’s Return on Equity (ROE) is 10.86%. This indicates that the company is able to generate a return on its investments and is an indication of its profitability and efficiency. The company has a well-diversified fleet of vessels ranging from Capesize to Handysize, which gives it access to global markets and enables it to carry a variety of cargoes.
Summary
EAGLE BULK SHIPPING reported its second quarter of FY2023 financial results on August 3 2023, showing total revenue of USD 101.4 million and net income of USD 18.0 million. Both figures represent a significant decline compared to the same period in the previous year, with revenue falling 49.0% and net income decreasing 80.9%. These results suggest that investors should proceed with caution when considering EAGLE BULK SHIPPING as a potential investment; however, further analysis of the company’s financials and related factors is necessary to make an informed investing decision.
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