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Mar 31, 2024
Genco Q1 2024 Earnings Report
Genco's financial performance increased with net income of $18.8 million and a dividend of $0.42 per share was declared.
Key Takeaways
Genco Shipping & Trading Limited reported a net income of $18.8 million for Q1 2024, with basic earnings per share of $0.44. The company declared a dividend of $0.42 per share for Q1 2024, marking their 19th consecutive quarterly dividend. Voyage revenues totaled $117.4 million, and the average daily fleet-wide TCE was $19,219. The company also paid down $30.0 million of debt in Q1 2024 and an additional $55.0 million of debt in Q2 2024 to date.
Declared a dividend of $0.42 per share for Q1 2024, the 19th consecutive quarterly payout.
Reported net income of $18.8 million for Q1 2024, with basic earnings per share of $0.44.
Voyage revenues totaled $117.4 million in Q1 2024.
Paid down $30.0 million of debt in Q1 2024 and an additional $55.0 million in Q2 2024 to date.
Forward Guidance
Genco expects a strong second quarter, capitalizing on positive drybulk fundamentals, with 65% of Q2 days fixed at over $20,000 per day. The company is focused on dividends, deleveraging, and growth while maintaining industry-leading governance standards.
Positive Outlook
- 65% of Q2 days fixed at over $20,000 per day.
- Focus on dividends.
- Focus on deleveraging.
- Focus on growth.
- Maintaining industry-leading governance standards.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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