In Tuesday trading, shares of Golden Ocean Group Ltd. (GOGL, Financial) were 9% higher on the heels of the company reporting its financial results for the fourth quarter. The company posted adjusted earnings of 19 cents per share, falling five cents short of estimates. The company’s revenue increased 95.3% year over year to $121.76 million and beat expectations by $15.57 million. Further, the adjusted EBITDA was $65.3 million, compared with $40.4 million in the previous quarter of 2017 and $24.2 million in the comparable quarter of 2016.Â
"After returning to profitability during the third quarter of 2017, we are pleased with our improved results for the fourth quarter of 2017," CEO Birgitte Ringstad Vartdal said. "We were able to capitalize on improving market conditions due to the size, composition and modernity of our fleet. We remain focused on maintaining competitive cash breakeven levels and a healthy balance sheet to provide us the flexibility to return value to our shareholders through our cash flows and continue to evaluate accretive growth opportunities."
Shares of Gannett Co. Inc. (GCI, Financial) lost ground after the company posted its financial results for the fourth quarter. For the quarter, the company reported annual net sales declined 1.5% to $854.24 million, while its profit advanced to 55 cents, beating estimates by nine cents. Moreover, the company beat revenue expectations by $5.71 million.
"In the fourth quarter, we improved Adjusted EBITDA, despite a more challenging print advertising environment than expected,"Ă‚ CEO Robert J. Dickey said.Ă‚ "Strong profitability gains in our ReachLocal segment and solid overall cost management offset print revenue pressures. Looking ahead to 2018, we remain focused on growing our marketing solutions and consumer businesses, while driving additional operating efficiencies."
Looking ahead to 2018, the company expects revenue to be between $2.93 billion and $3.03 billion and consolidated adjusted EBITDA bewteen $330 million and $340 million.
Disclosure: The author holds no positions in any stocks mentioned.
