International Seaways up after preliminary Q3 revenue tops estimates
INSW•International Seaways reported preliminary Q3 revenue of $480 million to $490 million and net income of $340 million to $350 million, both above analyst estimates. It also announced an acquisition of Bruton in a deal valued at about $370 million.
1. Preliminary Q3 results
International Seaways said preliminary Q3 revenue was between $480 million and $490 million, above analysts’ estimate of $315.75 million. Preliminary net income was between $340 million and $350 million, compared with an estimate of $174.5 million. The company said results were driven primarily by strong market conditions; its full earnings release is due November 5.
2. Bruton acquisition
International Seaways also announced the acquisition of Bruton in a deal valuing the shipping firm at approximately $370 million.
