OVERSEAS SHIPHOLDING Reports Strong Second Quarter Earnings Results for FY2023
August 9, 2023
☀️Earnings Overview
On June 30, 2023, OVERSEAS SHIPHOLDING ($NYSE:OSG) reported their second quarter of FY2023 earnings results. The total revenue for the quarter was USD 106.6 million, a decrease of 9.6% year-over-year. However, net income reported stood at USD 12.3 million, a jump of 226.8% from the prior year’s figure of 3.7 million.
Market Price
On Monday, OVERSEAS SHIPHOLDING reported strong second quarter earnings results for FY2023, as its stock opened at $4.0 and closed at $4.1, up by 2.8% from the prior closing price of $4.0. OVERSEAS SHIPHOLDING also reported that its operating expenses decreased by 4% compared to the same period last year. The company attributed its impressive performance to its strategic investments that have enabled it to expand its fleet and create new opportunities for growth. OVERSEAS SHIPHOLDING has also made significant investments in improving operational efficiencies and optimizing its cost structure.
As a result, the company has been able to maximize returns for its shareholders. Overall, OVERSEAS SHIPHOLDING’s strong second quarter results have been well-received by investors, and the stock continues to show positive momentum. The company is well-positioned to continue delivering strong results in the future and is expected to keep generating strong returns for its shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Overseas Shipholding. More…
| Total Revenues | Net Income | Net Margin |
| 465.23 | 47.77 | 10.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Overseas Shipholding. More…
| Operations | Investing | Financing |
| 109.06 | -20.51 | -67.05 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Overseas Shipholding. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.11k | 754.73 | 4.53 |
Key Ratios Snapshot
Some of the financial key ratios for Overseas Shipholding are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 5.6% | 20.0% | 19.7% |
| FCF Margin | ROE | ROA |
| 22.2% | 16.2% | 5.2% |
Analysis
We classified OVERSEAS SHIPHOLDING as a ‘cheetah’, a company that achieves high revenue or earnings growth, but tends to be less stable due to lower profitability. Given the company’s strengths and weaknesses, we believe the type of investors who would be interested in such a company include those looking for short-term capital gains from high-growth companies, as well as investors who are willing to take risks in order to achieve long-term returns. We also found that OVERSEAS SHIPHOLDING has an intermediate health score of 5/10 considering its cashflows and debt, indicating that the company might be able to safely ride out any crisis without the risk of bankruptcy. More…
Peers
Overseas Shipholding Group Inc. (OSG) is engaged in the operation of tankers and offshore vessels. The Company operates its business through two segments: Tanker and Offshore. Its Tanker segment includes the operation of crude tankers, product tankers and liquefied petroleum gas (LPG) carriers that transport crude oil, refined petroleum products and LPG around the world. The Offshore segment includes the operation of U.S. flag petroleum, chemical and dry-bulk carriers, as well as ocean-going tug/barge units that transport products primarily along the United States’ inland waterways and coastwise along the Gulf of Mexico and Atlantic and Pacific coasts. OSG competes with TORM PLC, China Merchants Energy Shipping Co Ltd, International Seaways Inc.
– TORM PLC ($NASDAQ:TRMD)
ARM Holdings PLC, together with its subsidiaries, designs microprocessors, physical intellectual property (IP), and system-on-chips (SoCs) worldwide. The company operates through three segments: Processor, Physical IP, and System Design Enablement. The Processor segment licenses and sells processors, which include central processing units (CPUs), graphics processing units (GPUs), and interconnect products, as well as related technology that is incorporated in SoCs. This segment also licenses tools necessary to develop software for the processors. The Physical IP segment licenses and sells physical IP products, including memory controllers, interfaces, processors, and GPUs that are incorporated in SoCs. The System Design Enablement segment licenses tools for the development of software for system-on-chips, as well as sells software development tools. This segment also provides services to support customers with the development of their products. ARM Holdings PLC was founded in 1990 and is headquartered in Cambridge, the United Kingdom.
– China Merchants Energy Shipping Co Ltd ($SHSE:601872)
China Merchants Energy Shipping Co., Ltd. is a shipping company that transports crude oil and refined petroleum products. The company has a market cap of $65.81 billion as of 2022 and a return on equity of 14.45%. China Merchants Energy Shipping Co., Ltd. is a subsidiary of China Merchants Group.
– International Seaways Inc ($NYSE:INSW)
International Seaways Inc is a leading provider of ocean transportation services, connecting North America, Europe, the Mediterranean, North Africa, the Middle East, Asia, Australasia, South America and the Caribbean with container, bulk and tanker vessels. The company has a market cap of 1.89B as of 2022 and a Return on Equity of 0.16%. International Seaways Inc is a publicly traded company listed on the New York Stock Exchange.
Summary
Overseas Shipholding Group Inc. reported their earnings results for the second quarter of fiscal year 2023, revealing a 9.6% decline in total revenue to USD 106.6 million from the same period last year. However, they saw a 226.8% increase in net income from 3.7 million to 12.3 million. This indicates a growing market for OVERSEAS SHIPHOLDING and suggests that the company is in a strong financial position going forward. Investors may find this stock attractive due to its potential for growth and solid financial performance.
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