NEW YORK (AP) _ Genco Shipping & Trading Ltd. (GNK) on Wednesday reported a fourth-quarter loss of $65.9 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of $1.57 per share. Earnings, adjusted for asset impairment costs and non-recurring costs, were 22 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The transporter of drybulk cargo posted revenue of $95.5 million in the period. Its adjusted revenue was $62.1 million.
For the year, the company reported that its loss widened to $225.6 million, or $5.38 per share. Revenue was reported as $198.6 million.
Genco Shipping shares have increased 39% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.22, a rise of 36% in the last 12 months.