$38.80 Million in Sales Expected for Scorpio Bulkers Inc. (SALT) This Quarter
Analysts forecast that Scorpio Bulkers Inc. (NYSE:SALT) will report sales of $38.80 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Scorpio Bulkers’ earnings, with estimates ranging from $37.10 million to $41.14 million. Scorpio Bulkers posted sales of $24.08 million during the same quarter last year, which would indicate a positive year over year growth rate of 61.1%. The firm is scheduled to report its next earnings report on Monday, October 30th.
On average, analysts expect that Scorpio Bulkers will report full year sales of $38.80 million for the current fiscal year, with estimates ranging from $140.80 million to $165.02 million. For the next fiscal year, analysts expect that the firm will report sales of $188.50 million per share, with estimates ranging from $150.50 million to $244.47 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings results on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by $0.01. Scorpio Bulkers had a negative net margin of 72.87% and a negative return on equity of 7.52%. The business had revenue of $37.70 million during the quarter, compared to the consensus estimate of $38.78 million. During the same period in the previous year, the business posted ($0.48) EPS. Scorpio Bulkers’s revenue was up 116.7% compared to the same quarter last year.
SALT has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a report on Wednesday, April 12th. Jefferies Group LLC restated a “buy” rating and issued a $14.00 price objective on shares of Scorpio Bulkers in a report on Thursday, August 3rd. BidaskClub cut shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Stifel Nicolaus restated a “hold” rating and issued a $8.00 price objective on shares of Scorpio Bulkers in a report on Tuesday, July 25th. Finally, Credit Suisse Group restated an “outperform” rating and issued a $10.00 price objective on shares of Scorpio Bulkers in a report on Sunday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $8.84.
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Scorpio Bulkers (SALT) opened at 7.45 on Wednesday. The company has a 50-day moving average of $7.06 and a 200 day moving average of $7.36. Scorpio Bulkers has a 12 month low of $3.03 and a 12 month high of $10.14. The company’s market cap is $534.94 million.
Several hedge funds and other institutional investors have recently modified their holdings of SALT. Russell Investments Group Ltd. purchased a new position in shares of Scorpio Bulkers during the fourth quarter valued at about $139,000. Geneva Advisors LLC purchased a new position in shares of Scorpio Bulkers during the first quarter valued at about $182,000. Marshall Wace North America L.P. purchased a new position in shares of Scorpio Bulkers during the second quarter valued at about $245,000. American International Group Inc. increased its position in shares of Scorpio Bulkers by 53.8% in the first quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock valued at $311,000 after buying an additional 11,819 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd increased its position in shares of Scorpio Bulkers by 291.6% in the first quarter. Dynamic Technology Lab Private Ltd now owns 52,309 shares of the shipping company’s stock valued at $481,000 after buying an additional 38,952 shares in the last quarter. Hedge funds and other institutional investors own 48.01% of the company’s stock.
About Scorpio Bulkers
Scorpio Bulkers Inc is a shipping company. The Company owns and operates newbuilding drybulk carriers with fuel-efficient specifications and carrying capacities of greater than 30,000 deadweight tons (dwt). The Company operates through two segments: Kamsarmax and Ultramax. Its Kamsarmax segment includes vessels ranging from approximately 77,500 DWT to 98,700 DWT.
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