Star Bulk Carriers Stock Slides on Q3 Earnings Miss

Star Bulk Carriers stock (NASDAQ:BULK) fell slightly late in the day Tuesday as the company reported its latest quarterly earnings results, which failed to reach Wall Street’s expectations.

Star Bulk Carriers StockThe Marousi, Greece-based company said that for its third quarter of fiscal 2018, it brought in adjusted earnings of 35 cents per share, which is stronger than the adjusted loss of 8 cents per share it amassed during its third quarter of fiscal 2018. The figure came in below the 37 cents per share that Wall Street was calling for in its consensus estimate, according to data compiled by Zacks Investment Research.

Star Bulk Carriers added that for the period, it brought in net sales of $188.47 million, which was also below what the Zacks consensus estimate was calling for. The figure was more than double of what the company amassed in revenue during the year-ago quarter, when it raked in $80.80 million.

“This quarter marks the fourth consecutive profitable one, as we achieved $128.7 million in TCE Revenues, $80.1 million in Adjusted EBITDA and Net Income of $26.1 million,” said Star Bulk Carriers CEO Petros Pappas.

Star Bulk Carriers stock is down about 0.6% after the bell on Tuesday as the company’s quarterly earnings came in below what Wall Street was calling for. SBLK shares had been declining more than 6.6% during regular trading hours before the company unveiled its latest results.

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