Golden Ocean Group Q4 Profit Falls

(RTTNews) - Dry bulk shipping company Golden Ocean Group Ltd (GOGL) Wednesday posted lower profit in the fourth quarter, impacted by higher expenses and lower operating revenues.

The company posted net income of $39.0 million or $0.20 per share in the fourth quarter, down from $57.5 million or $0.29 per share in the same period last year.

Adjusted net income was $12.7 million or $0.06 per share in the three-month period, compared to $64.6 million or $0.32 per share in the prior-year quarter. Analysts on average had expected the company to earn $0.19 per share. Analysts' estimates typically exclude special items.

The company's EBITDA for the fourth quarter came in at $97.9 million, down from $121.1 million recorded in the previous quarter a year ago.

Total operating revenues declined to $210.9 million in the fourth quarter from $254.2 million in the same quarter last year. Analysts had expected the company to report revenues of $174.4 million for the period.

Golden Ocean Group recorded total operating expenses of $177.9 million in the fourth quarter, higher than $168.9 million incurred in the prior-quarter a year ago.

The company also announced a cash dividend of $0.15 per share for the fourth quarter, payable on or about March 21 to shareholders of record on March 11.

Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, said, "Looking ahead, we are encouraged by the continued strength in global dry bulk demand, the supportive supply-side dynamics, and the structural tailwinds in key commodities, all of which reinforce our long-term confidence in the market..."

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