Golden Ocean Q3 Earnings Rise, Beat Estimates; Announces Dividend

(RTTNews) - Golden Ocean Group Limited (GOGL), a shipping company, Wednesday announced that its net income increased in the third quarter, and came in above the Street estimates, on higher revenues.

For the third quarter, the net income increased to $56.33 million or $0.28 per share from $28.73 million, or $0.14 per share last year.

The adjusted net income increased to $66.74 million, or $0.33 per share versus $22.04 million, or $0.11 per share last year.

Analysts surveyed by Thomson Reuters were expecting GOGL to report a profit of $0.29 per share for the third quarter. Analysts estimates typically exclude special items.

The Adjusted EBITDA was at $124.36 million, compared to $78.88 million a year ago.

The total operating revenues increased to $260.62 million from $221.66 million last year. Analysts were expecting revenue of $190.39 million for the third quarter.

The company will pay a cash dividend of $0.30 per share for the third quarter of 2024. It will be paid around December 18, to those who own shares by December 9.

Tuesday, GOGL had closed 1.99% lesser at $10.86 on the Nasdaq. In the extended trading, GOGL gained 0.37% to $10.90.