**International Seaways Reports Second Quarter 2024 Financial Results**
Intellectia.AI1970-01-01
6
Illustration by Intellectia.AI
**International Seaways Reports Second Quarter 2024 Financial Results**
### Overview
International Seaways, Inc. (NYSE:INSW), one of the largest tanker companies worldwide offering energy transportation services, reported its financial results for the second quarter ended June 30, 2024.
### Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Q1 2024 | YoY Change | QoQ Change | Consensus Estimate |
|---------------------------------|------------|------------|------------|------------|------------|--------------------|
| **Total Revenue** | $257.4M | $292.2M | $274.4M | -11.9% | -6.2% | $257.3M |
| **Net Income (GAAP)** | $144.7M | $153.8M | $144.5M | -5.9% | +0.1% | N/A |
| **Earnings Per Share (GAAP)** | $2.91 | $3.11 | $2.92 | -6.4% | -0.3% | N/A |
| **Adjusted Net Income** | $118.0M | N/A | N/A | N/A | N/A | N/A |
| **EPS (Adjusted)** | $2.37 | N/A | N/A | N/A | N/A | $2.51 |
| **Adjusted EBITDA** | $167.0M | $205.1M | $174.2M | -18.6% | -4.1% | N/A |
Interpretation: Despite a reduction in total revenue and adjusted EBITDA compared to the previous year, International Seaways demonstrated resilience with a nearly flat quarter-over-quarter net income. Although the adjusted EPS ($2.37) slightly missed the consensus estimate of $2.51, revenue aligned closely with forecasts.
### Revenue Performance Across Segments
| Segment | Q2 2024 Revenues | Q2 2023 Revenues | YoY Change |
|----------------------|------------------|------------------|------------|
| **Crude Tankers** | $125.4M | $152.2M | -17.6% |
| **Product Carriers** | $132.0M | $140.0M | -5.7% |
Interpretation: Both the Crude Tankers and Product Carriers segments experienced year-over-year revenue declines. This was primarily driven by reduced spot rates for Crude Tankers and decreased revenue days for Product Carriers due to vessel sales and increased offhire days.
### Executive Comments
Lois K. Zabrocky, President, and CEO, emphasized the company’s strong quarterly performance despite market challenges and highlighted strategic fleet optimization initiatives and capital allocation strategies. CFO Jeff Pribor remarked on the company’s robust free cash flow generation and financial leverage improvements.
### Dividends and Share Repurchase Program
- **Announced Dividends**: A combined dividend of $1.50 per share was declared, to be paid in September 2024. This includes a regular quarterly dividend of $0.12 and a supplemental dividend of $1.38.
- **Share Repurchase Program**: The company has an authorized $50 million share repurchase program valid until the end of 2025.
### Forward Guidance
The company provided positive forward guidance, anticipating continued market strength driven by favorable supply-demand fundamentals in the oil and tanker markets.
### Stock Price Movement
Following the earnings release, INSW’s stock experienced a -1.55% change.
In summary, International Seaways reported mixed second-quarter results with strong net income amid revenue declines across segments. Executive outlook remains positive, bolstered by fleet upgrades and liquidity enhancements. Upcoming dividend payments and a share repurchase program reflect a continued focus on returning value to shareholders.
Share