The 10-second takeaway
For the quarter ended June 30 (Q2), Safe Bulkers beat expectations on revenues and earnings per share.
Compared to the prior-year quarter, revenue increased and GAAP earnings per share grew.
Margins dropped across the board.
Safe Bulkers notched revenue of $47.0 million. The four analysts polled by S&P Capital IQ predicted revenue of $44.1 million on the same basis. GAAP reported sales were 14% higher than the prior-year quarter's $41.2 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.31. The seven earnings estimates compiled by S&P Capital IQ predicted $0.30 per share. GAAP EPS of $0.28 for Q2 were 3.7% higher than the prior-year quarter's $0.27 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 77.4%, 490 basis points worse than the prior-year quarter. Operating margin was 55.3%, 860 basis points worse than the prior-year quarter. Net margin was 45.8%, 60 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $47.0 million. On the bottom line, the average EPS estimate is $0.31.
Next year's average estimate for revenue is $183.9 million. The average EPS estimate is $1.27.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 243 members out of 260 rating the stock outperform, and 17 members rating it underperform. Among 75 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 70 give Safe Bulkers a green thumbs-up, and five give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Safe Bulkers is outperform, with an average price target of $8.13.
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