Scorpio Tankers Q2 profit misses estimates
STNG•Outlook
Scorpio Tankers did not provide specific financial guidance for the current or future quarters.
What drove the quarter
- Stronger tanker market - The company said Q2 TCE revenue rose due to a significantly stronger product tanker market, despite a smaller fleet.
- Middle East conflict - Initial disruptions from the Middle East conflict caused spot TCE rates to spike to record levels, with new trade routes supporting higher rates despite lower export volumes.
- Higher operating costs - Vessel operating costs per day increased due to higher repairs, maintenance and supply chain adjustments from new trade routes.
Key figures and market expectations
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Adjusted EPS | Miss | $4.68 | $5.03 (11 Analysts) |
| Q2 EPS | $7.37 | ||
| Q2 Adjusted Net Income | Miss | $243.70 mln | $268.98 mln (7 Analysts) |
| Q2 Net Income | $387.50 mln | ||
| Q2 Dividend | $0.45 |
The current average analyst rating on the shares is buy, with 9 strong buy or ratings, 2 ratings and 1 or rating.
