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Jan. 27, 2020, 1:49 p.m. EST

Scorpio Bulkers stock tumbles toward record losing streak after profit beats expectations but revenue misses

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By Tomi Kilgore

Shares of Scorpio Bulkers Inc. /zigman2/quotes/203598835/composite SALT -4.55% tumbled 12.1% in afternoon trading Monday, putting them on track for a record 12th-straight losing session, after the dry bulk commodities shipping company reported a surprise fourth-quarter adjusted profit but revenue that fell more than forecast. Concerns over the negative impact of the rapidly spreading deadly coronavirus out of China also appeared to weigh on the stock. The company swung to net income of $15.1 million, or 21 cents a share, from a loss of $7.4 million, or 11 cents a share. Excluding non-recurring items, adjusted earnings per share of 57 cents a share was above the FactSet consensus of a loss of 8 cents a share. Time charter equivalent revenue fell 12% to $56.9 million, below expectations of $60.5 million, according to FactSet. "Although the Scorpio fleet serves diverse markets, the economy in China influences global commodity demand," analyst Liam Burke at B. Riley FBR wrote in a note to clients. "With the disruption related to the spread of the coronavirus and no immediate benefit to the U.S./China trade agreement, we expect rates should move directionally lower." The stock has lost 19.3% over the past 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -3.03% has gained 22.2%.

/zigman2/quotes/203598835/composite
US : U.S.: NYSE
$ 2.94
-0.14 -4.55%
Volume: 731,751
Feb. 25, 2020 6:30p
P/E Ratio
4.66
Dividend Yield
2.72%
Market Cap
$213.10 million
Rev. per Employee
$40.42M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,128.21
-97.68 -3.03%
Volume: 3.13B
Feb. 25, 2020 4:59p
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