Maritime shipping company Genco (NYSE:GNK) will be reporting results this Wednesday after market hours. Here’s what you need to know.
Genco missed analysts’ revenue expectations last quarter, reporting revenues of $92.29 million, up 96.8% year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts’ EBITDA estimates. It reported 43 owned vessels, up 2.4% year on year.
Is Genco a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Genco’s revenue to grow 96.7% year on year, a reversal from the 21.2% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings.
Looking at Genco’s peers in the transportation and logistics segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Scorpio Tankers delivered year-on-year revenue growth of 6.9%, beating analysts’ expectations by 2.6%, and Kirby reported revenues up 12.2%, topping estimates by 0.9%. Scorpio Tankers traded up 11.4% following the results while Kirby was also up 6.5%.
Read our full analysis of Scorpio Tankers’s results here and Kirby’s results here.
Investors in the transportation and logistics segment have had steady hands going into earnings, with share prices flat over the last month. Genco is down 10.5% during the same time and is heading into earnings with an average analyst price target of $29.36 (compared to the current share price of $25.20).
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