Maritime shipping company Genco (NYSE: GNK) will be reporting earnings this Wednesday afternoon. Here’s what you need to know.
Genco beat analysts’ revenue expectations last quarter, reporting revenues of $72.02 million, up 73% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates. It reported 44 owned vessels, up 4.8% year on year.
Is Genco a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Genco’s revenue to grow 102% year on year, a reversal from the 37% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings.
Looking at Genco’s peers in the marine transportation segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Matson delivered year-on-year revenue growth of 16.7%, beating analysts’ expectations by 8.4%, and Kirby reported revenues up 7.8%, topping estimates by 4.1%. Kirby traded down 9% following the results.
Read our full analysis of Matson’s results here and Kirby’s results here.
Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the marine transportation stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2% on average over the last month. Genco is up 5.1% during the same time and is heading into earnings with an average analyst price target of $28.75 (compared to the current share price of $26.25).
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