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Genco Shipping reports 2Q loss

NEW YORK (AP) _ Genco Shipping & Trading Ltd. (GNK) on Monday reported a loss of $14.5 million in its second quarter.

On a per-share basis, the New York-based company said it had a loss of 42 cents. Losses, adjusted for one-time gains and costs, came to 36 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 39 cents per share.

The transporter of drybulk cargo posted revenue of $45.4 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $43.9 million.

Genco Shipping shares have climbed 54 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $11.40, more than doubling in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GNK at https://www.zacks.com/ap/GNK


Keywords: Genco Shipping & Trading, Earnings Report