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Scorpio Bulkers reveals 3Q18 financial results; quarterly dividend declared

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Dry Bulk,


Scorpio Bulkers Inc. has reported its results for the three and nine months ended 30 September 2018.

The company also announced that on 19 October 2018, its Board of Directors declared a quarterly cash dividend of US$0.02 per share on the company’s common shares.

Results for the three and nine months ended 30 September 2018 and 2017

For the third quarter of 2018, the company’s GAAP net loss was US$0.4 million, or US$0.01 loss per diluted share. These results include the write off of deferred financing costs of US$2.0 million, or US$0.03 per diluted share, related to the refinancing of existing debt. For the same period in 2017, the company’s GAAP net loss was US$10.7 million, or US$0.15 loss per diluted share. Total vessel revenues for the third quarter of 2018 were US$62.5 million, compared to US$38.6 million for the same period in 2017. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the third quarters of 2018 and 2017 were US$28.8 million and US$12.4 million, respectively.

For the nine months ended 30 September 2018, the company’s GAAP net loss was US$5.3 million or US$0.07 loss per diluted share. For the same period in 2017, the company’s GAAP net loss was US$58.7 million, or US$0.82 loss per diluted share. Total vessel revenues for the first nine months of 2018 were US$177.3 million, compared to US$111.1 million for the same period in 2017. EBITDA for the nine months ended 30 September 2018 and 2017 were US$77.2 million and US$12.3 million, respectively.

While the first nine months of 2018 did not include any non-GAAP adjustments to net income, the company’s first nine months of 2017 GAAP net loss included a loss/write-off of vessels and assets held for sale of US$17.7 million and the write-off of deferred financing costs on the credit facility related to those specific vessels of US$0.5 million. Excluding these items, the company’s adjusted net loss for the first nine months of 2017 was US$40.5 million, or US$0.56 adjusted loss per diluted share.

Read the full results here.

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/23102018/scorpio-bulkers-reveals-3q18-financial-results-quarterly-dividend-declared/

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