ATHENS - Diana Shipping Inc . (NYSE:DSX), a global shipping company specializing in the ownership of dry bulk vessels, today announced financial results for the fourth quarter of 2023, surpassing analyst expectations with an earnings per share (EPS) of $0.06, $0.02 higher than the consensus estimate of $0.04.
Revenue for the quarter was reported at $60 million, also exceeding the consensus estimate of $58.63 million.
The company's Q4 net income stood at $9.4 million, with net income attributed to common stockholders at $7.9 million. This performance marks a decrease from the previous year's Q4 net income of $25.7 million and net income attributed to common stockholders of $24.2 million. The EPS for the quarter was $0.08 basic and $0.06 diluted, a decline from the $0.28 basic and $0.27 diluted reported in the same period last year. The year-over-year decrease in time charter revenues, which fell from $75.7 million in Q4 2022 to $60.0 million in Q4 2023, was primarily due to decreased average charter rates, partially offset by increased ownership days from vessel acquisitions.
Despite the earnings beat, the stock price experienced a marginal increase of 0.3%, indicating a muted investor reaction to the quarterly financials. The modest uptick in the stock price post-earnings release reflects the market's tempered response to the company's financial performance.
The board of Diana Shipping has declared a cash dividend of $0.075 per share, based on the company's Q4 2023 results, payable on or about March 12, 2024, to shareholders of record as of March 5, 2024. The company also announced the sale of the Capesize dry bulk vessel, m/v Houston, for a price of $23.3 million before commissions, with delivery to the buyer by September 16, 2024.
Ioannis Zafirakis, Director, Chief Financial Officer, Chief Strategy Officer, Treasurer, and Secretary, commented on the results, stating, "Our fourth quarter performance reflects our strategic approach to navigating the volatile shipping market and our commitment to delivering value to our shareholders."
Looking ahead, Diana Shipping did not provide specific financial guidance for the upcoming quarters. However, the company's strategic vessel acquisitions and divestments, coupled with its dividend declaration, suggest a focus on maintaining financial stability and shareholder returns amidst market fluctuations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.