Yahoo Finance Golden Ocean (GOGL) to Report Q1 Earnings: What's in Store?
Golden Ocean Group GOGL is slated to release first-quarter 2024 results on May 22, before market open.
The Zacks Consensus Estimate for earnings has remained stable at 23 cents per share in the past 60 days. The consensus estimate for March-quarter earnings has improved more than 100% from first-quarter 2023 actuals. Golden Ocean surpassed the Zacks Consensus Estimate for earnings in each of the last four quarters, with an earnings surprise of 93.1%, on average.
Golden Ocean Group Limited Price and EPS Surprise
Golden Ocean Group Limited price-eps-surprise | Golden Ocean Group Limited Quote
Against this backdrop, let’s look at the factors that are expected to have impacted Golden Ocean’s performance in the quarter under discussion.
We expect the company’s bottom-line performance to have been hit by escalated voyage operating expenses. High fuel and labor costs are also likely to have played spoilsport.
Moreover, supply-chain disruptions are likely to have dampened this shipping company’s numbers. On a brighter note, continued fleet expansion initiatives are likely to have driven its performance.
Moreover, reduced container availability due to Red Sea tensions has resulted in a rise in freight costs. The Red Sea tensions have pushed up fuel tanker rates. Recovery in the dry bulk market due to an upbeat demand for iron ore is also likely to have aided first-quarter performance.
Earnings Whisper
Our proven model does not conclusively predict an earnings beat for Golden Oceanthis time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
Earnings ESP: Golden Oceanhas an Earnings ESP of 0.00% (the Most Accurate Estimate is in line with the Zacks Consensus Estimate). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Golden Ocean currently has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Q1 Performances of Some Other Transportation Companies
Delta Air Lines DAL reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, beating the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year. Delta expects adjusted earnings of $2.20-$2.50 per share for second-quarter 2024.
CSX Corporation's CSX first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3.68 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line dropped 1% year over year due to lower fuel surcharge, a decline in other revenues, low trucking revenues and reduced export coal prices.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
CSX Corporation (CSX) : Free Stock Analysis Report
Delta Air Lines, Inc. (DAL) : Free Stock Analysis Report
Golden Ocean Group Limited (GOGL) : Free Stock Analysis Report
