Safe Bulkers Reports Third Quarter 2024 Financial Results
Intellectia.AI
Safe Bulkers Reports Third Quarter 2024 Financial Results
MONACO, November 13, 2024 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, published its unaudited financial results for the three and nine-month periods ending September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue ($M) | 75.9 | 64.7 | +17% | 74.76 |
| Earnings Per Share (EPS) | 0.19 | Not Provided | - | 0.16 |
Safe Bulkers exceeded analyst expectations with a revenue of $75.9 million, surpassing the consensus estimate of $74.76 million. Earnings per share for the quarter were reported at $0.19, higher than the expected $0.16.
Revenue Performance by Segment
| Segment | Commentary |
|---|---|
| Charter hires | Higher revenues due to increased charter rates |
| Scrubber vessels | Increased revenues from scrubber-fitted vessels |
The company experienced revenue growth primarily due to improved charter hire rates and enhanced earnings from scrubber-fitted vessels.
Key Developments and Operational Highlights
- Renewed fleet with newbuilds to meet IMO GHG and NOx regulations.
- Eleven newbuild vessels delivered as part of the 18-vessel IMO GHG Phase 3 program.
- Completed environmental upgrades on 24 vessels to boost energy efficiency.
- Announced a $0.05 per share dividend, payable on December 17, 2024.
Management Commentary
Dr. Loukas Barmparis, President of Safe Bulkers, commented on the solid third quarter performance, noting challenges like a softening charter market and geopolitical tensions. He emphasized the company's strategic focus on capital allocation towards fleet renewal and operational efficiency improvements while rewarding shareholders through dividends.
Dividend and Share Repurchase Program
The Board of Directors declared a cash dividend of $0.05 per common share. There was no mention of a share repurchase program in this quarter's report.
Forward Guidance and Stock Performance
Safe Bulkers did not provide specific forward guidance. Following the earnings release, the company's stock price saw a post-event increase of approximately 1.15%.
This report encapsulates Safe Bulkers’ financial and operational performance, highlighting resilience amid market conditions and efforts towards sustainable growth.
For more in-depth analysis and insights, stay tuned with our platform to stay ahead of the market.
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