Golden Ocean Group Limited (GOGL), a company specializing in shipping, announced on Wednesday that its net income for the third quarter saw an increase, exceeding Wall Street expectations due to higher revenue figures.
For the third quarter, net income rose to $56.33 million, which translates to $0.28 per share, compared to $28.73 million or $0.14 per share in the same period last year. On an adjusted basis, net income improved to $66.74 million, or $0.33 per share, up from $22.04 million, or $0.11 per share, year-over-year.
Market analysts, surveyed by Thomson Reuters, forecasted a profit of $0.29 per share for the third quarter. These forecasts generally exclude any special items.
The company's Adjusted EBITDA reached $124.36 million, surpassing the previous year's figure of $78.88 million. Total operating revenues climbed to $260.62 million from last year's $221.66 million, significantly beating the anticipated $190.39 million for the third quarter.
In addition, the company announced a cash dividend of $0.30 per share for the third quarter of 2024, to be distributed on December 18 to shareholders recorded by December 9.
On Tuesday, shares of GOGL experienced a small decline of 1.99%, closing at $10.86 on the Nasdaq. However, during extended trading hours, GOGL's stock price saw a modest increase of 0.37%, rising to $10.90.
