Zacks: Analysts Expect Scorpio Bulkers Inc. (SALT) to Announce -$0.15 Earnings Per Share

Wall Street brokerages expect that Scorpio Bulkers Inc. (NYSE:SALT) will post earnings of ($0.15) per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Scorpio Bulkers’ earnings. The highest EPS estimate is ($0.13) and the lowest is ($0.18). Scorpio Bulkers reported earnings of ($0.30) per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 50%. The company is expected to announce its next earnings results on Monday, October 30th.

On average, analysts expect that Scorpio Bulkers will report full year earnings of ($0.64) per share for the current fiscal year, with EPS estimates ranging from ($0.86) to ($0.50). For the next year, analysts expect that the company will post earnings of ($0.18) per share, with EPS estimates ranging from ($0.73) to $0.55. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that cover Scorpio Bulkers.

Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings results on Monday, July 24th. The shipping company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.01). Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The company had revenue of $37.70 million during the quarter, compared to analyst estimates of $38.78 million. During the same quarter in the previous year, the business posted ($0.48) earnings per share. The company’s revenue for the quarter was up 116.7% compared to the same quarter last year.

A number of research firms have recently weighed in on SALT. BidaskClub raised shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Zacks Investment Research downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. Stifel Nicolaus reissued a “hold” rating and set a $8.50 price objective on shares of Scorpio Bulkers in a research report on Wednesday, July 19th. ValuEngine downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $14.00 price objective on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $9.36.

COPYRIGHT VIOLATION NOTICE: This article was first posted by Equities Focus and is the sole property of of Equities Focus. If you are viewing this article on another publication, it was stolen and reposted in violation of US and international copyright law. The original version of this article can be viewed at https://www.equitiesfocus.com/2017/10/05/zacks-analysts-expect-scorpio-bulkers-inc-salt-to-announce-0-15-earnings-per-share.html.

Scorpio Bulkers (SALT) traded up 1.027% on Monday, hitting $7.375. 375,435 shares of the company’s stock were exchanged. The stock’s market cap is $529.55 million. The firm has a 50 day moving average price of $7.59 and a 200-day moving average price of $7.39. Scorpio Bulkers has a 52-week low of $3.35 and a 52-week high of $10.14.

Scorpio Bulkers announced that its board has initiated a stock buyback program on Wednesday, September 13th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the shipping company to purchase up to 10.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Institutional investors have recently added to or reduced their stakes in the stock. Capital Fund Management S.A. purchased a new stake in Scorpio Bulkers in the 2nd quarter worth approximately $134,000. GSA Capital Partners LLP purchased a new stake in Scorpio Bulkers in the 2nd quarter worth approximately $138,000. Voya Investment Management LLC increased its holdings in Scorpio Bulkers by 27.2% in the 2nd quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock worth $182,000 after acquiring an additional 5,493 shares in the last quarter. American International Group Inc. increased its holdings in Scorpio Bulkers by 53.8% in the 1st quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock worth $311,000 after acquiring an additional 11,819 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in Scorpio Bulkers in the 2nd quarter worth approximately $245,000. 43.96% of the stock is owned by institutional investors.

Scorpio Bulkers Company Profile

Scorpio Bulkers Inc is a shipping company. The Company owns and operates newbuilding drybulk carriers with fuel-efficient specifications and carrying capacities of greater than 30,000 deadweight tons (dwt). The Company operates through two segments: Kamsarmax and Ultramax. Its Kamsarmax segment includes vessels ranging from approximately 77,500 DWT to 98,700 DWT.

Get a free copy of the Zacks research report on Scorpio Bulkers (SALT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Scorpio Bulkers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Bulkers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply