The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Safe Bulkers beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew and GAAP earnings per share contracted.
Margins dropped across the board.
Safe Bulkers recorded revenue of $46.8 million. The four analysts polled by S&P Capital IQ looked for revenue of $45.7 million on the same basis. GAAP reported sales were 10% higher than the prior-year quarter's $42.5 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 $0.30. The eight earnings estimates compiled by S&P Capital IQ anticipated $0.29 per share. GAAP EPS of $0.27 for Q3 were 3.6% lower than the prior-year quarter's $0.28 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%, 650 basis points worse than the prior-year quarter. Operating margin was 54.6%, 1,060 basis points worse than the prior-year quarter. Net margin was 44.3%, 220 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $47.9 million. On the bottom line, the average EPS estimate is $0.31.
Next year's average estimate for revenue is $182.5 million. The average EPS estimate is $1.12.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 247 members out of 264 rating the stock outperform, and 17 members rating it underperform. Among 79 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 74 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 hold, with an average price target of $7.57.
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