FRONTLINE PLC Reports Second Quarter FY2023 Earnings on August 24th, 2023
August 27, 2023
🌥️Earnings Overview
On August 24 2023, FRONTLINE PLC ($NYSE:FRO) announced its financial results for the second quarter of the Fiscal Year ending June 30 2023, which revealed total revenue of USD 512.8 million – a remarkable 70.7% growth compared to the same period in the previous year. Net income also surged 387.6%, amounting to USD 230.7 million.
Stock Price
On Thursday, August 24th, 2023, FRONTLINE PLC reported their second quarter earnings for FY2023. FRONTLINE PLC stock opened at $18.1 and closed at $18.0, up by 1.0% from the previous closing price of 17.8. This increase in the stock price was mainly driven by the positive earnings report that was released on the same day. This increase in net profit was driven by strong revenue growth and cost-cutting measures implemented by the company.
Overall, it was a positive quarter for FRONTLINE PLC and investors were pleased to see the company’s performance. The company is now focused on continuing to execute their strategy to ensure sustainable growth in the future. With this strong quarterly earnings report, FRONTLINE PLC has proven its commitment to delivering value to its shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Frontline Plc. More…
| Total Revenues | Net Income | Net Margin |
| 1.92k | 825.59 | 38.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Frontline Plc. More…
| Operations | Investing | Financing |
| 846.75 | -176.87 | -482.87 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Frontline Plc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 4.7k | 2.41k | 10.32 |
Key Ratios Snapshot
Some of the financial key ratios for Frontline Plc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 13.2% | 15.2% | 51.7% |
| FCF Margin | ROE | ROA |
| 27.4% | 27.5% | 13.2% |
Analysis
GoodWhale has conducted an analysis of the fundamentals of FRONTLINE PLC, and found the company to have an intermediate health score of 6/10 on the Star Chart. This indicates that FRONTLINE PLC has a strong cashflow and debt situation, and could be able to safely ride out any economic crisis without entering bankruptcy. Moreover, the company is strong in terms of growth, but only medium when it comes to asset, dividend and profitability. GoodWhale has classified FRONTLINE PLC as a ‘cheetah’ company, meaning that it has achieved high revenue or earnings growth but is considered to be less stable due to its lower profitability. Investors looking for growth opportunities may be interested in such companies. However, they should keep in mind the company’s low profitability and potentially unstable financial situation. More…
Peers
The company’s main competitors are DHT Holdings Inc, Teekay Tankers Ltd, and International Seaways Inc.
– DHT Holdings Inc ($NYSE:DHT)
DHT Holdings is a shipping company that owns and operates crude oil tankers. The company’s fleet consists of very large crude carriers (VLCCs) and Aframax tankers. DHT Holdings transports crude oil around the world.
DHT Holdings has a market cap of 1.55B as of 2022. The company has a Return on Equity of -0.32%.
– Teekay Tankers Ltd ($NYSE:TNK)
Teekay Tankers Ltd is a Bermuda-based holding company engaged in the ownership and operation of crude oil tankers. The Company’s operating segments include Aframax, Suezmax, VLCC and LR2/LR1. As of December 31, 2016, it had a fleet of 61 double-hull crude oil tankers, including 33 Aframax, four Suezmax, 21 LR2 and three LR1 tankers, with an average age of approximately seven years.
– International Seaways Inc ($NYSE:INSW)
International Seaways Inc is a leading global provider of seaborne transportation services. The company has a market cap of 2.2B as of 2022 and a Return on Equity of 0.16%. The company operates a fleet of vessels that transport crude oil, petroleum products, dry bulk commodities, and containers around the world. The company has a strong presence in the Americas, Europe, Asia, and the Middle East.
Summary
FRONTLINE PLC reported a significant increase in revenue and net income for the second quarter of FY2023 compared to the same quarter last year. Total revenue recorded was USD 512.8 million, a 70.7% increase from the same quarter last year. The impressive growth in both revenue and net income is an optimistic sign for investors, indicating that FRONTLINE PLC is a profitable company and may have potential for further growth. This could be a good opportunity for investors to consider investing in the company.
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