Scorpio Bulkers Inc (SALT) Expected to Announce Quarterly Sales of $61.34 Million

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Equities research analysts expect that Scorpio Bulkers Inc (NYSE:SALT) will announce sales of $61.34 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Scorpio Bulkers’ earnings, with the lowest sales estimate coming in at $60.05 million and the highest estimate coming in at $62.90 million. Scorpio Bulkers posted sales of $37.74 million in the same quarter last year, which suggests a positive year-over-year growth rate of 62.5%. The firm is scheduled to report its next earnings results on Monday, July 23rd.

According to Zacks, analysts expect that Scorpio Bulkers will report full-year sales of $247.74 million for the current financial year, with estimates ranging from $239.90 million to $267.22 million. For the next fiscal year, analysts expect that the firm will post sales of $271.07 million per share, with estimates ranging from $247.71 million to $311.90 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Scorpio Bulkers.

Scorpio Bulkers (NYSE:SALT) last released its earnings results on Monday, April 23rd. The shipping company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.05). The business had revenue of $54.20 million during the quarter, compared to analysts’ expectations of $53.57 million. Scorpio Bulkers had a negative return on equity of 3.32% and a negative net margin of 17.02%. The firm’s quarterly revenue was up 56.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.23) earnings per share.

A number of analysts have recently weighed in on the stock. ValuEngine raised shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Saturday, June 2nd. Morgan Stanley cut their price objective on shares of Scorpio Bulkers from $9.00 to $8.50 and set an “equal weight” rating on the stock in a research report on Tuesday, April 17th. Stifel Nicolaus raised shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $9.00 price objective on the stock in a research report on Monday, April 23rd. Finally, Zacks Investment Research downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Saturday, April 21st. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $10.15.

Shares of NYSE:SALT traded down $0.15 during midday trading on Friday, reaching $7.10. The company’s stock had a trading volume of 502,300 shares, compared to its average volume of 510,233. The company has a market capitalization of $574.70 million, a PE ratio of -12.54 and a beta of 3.10. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.20 and a quick ratio of 1.20. Scorpio Bulkers has a 12-month low of $6.47 and a 12-month high of $8.85.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 31st. Investors of record on Tuesday, May 15th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Monday, May 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is -14.04%.

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada grew its position in Scorpio Bulkers by 1,579.1% during the 1st quarter. Royal Bank of Canada now owns 71,363 shares of the shipping company’s stock valued at $503,000 after purchasing an additional 67,113 shares during the last quarter. Valueworks LLC lifted its stake in Scorpio Bulkers by 441.6% during the 1st quarter. Valueworks LLC now owns 797,377 shares of the shipping company’s stock valued at $5,621,000 after acquiring an additional 650,152 shares during the period. Millennium Management LLC lifted its stake in Scorpio Bulkers by 3.9% during the 1st quarter. Millennium Management LLC now owns 921,953 shares of the shipping company’s stock valued at $6,500,000 after acquiring an additional 34,442 shares during the period. A.R.T. Advisors LLC lifted its stake in Scorpio Bulkers by 99.2% during the 1st quarter. A.R.T. Advisors LLC now owns 97,648 shares of the shipping company’s stock valued at $688,000 after acquiring an additional 48,617 shares during the period. Finally, UBS Group AG lifted its stake in Scorpio Bulkers by 202.5% during the 1st quarter. UBS Group AG now owns 129,365 shares of the shipping company’s stock valued at $912,000 after acquiring an additional 86,593 shares during the period. 38.23% of the stock is currently owned by institutional investors.

About Scorpio Bulkers

Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. As of December 31, 2017, the company owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.

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Earnings History and Estimates for Scorpio Bulkers (NYSE:SALT)

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