FRO - Why Oil Tanker Shipping Company Frontline's Shares Are Sinking Today | Benzinga
Frontline Plc (NYSE: FRO) reported a third-quarter FY23 revenue decline of 1.3% year-over-year to $377.085 million, beating the consensus of $249.41 million.
Reported spot TCEs for VLCCs, Suezmax tankers, and LR2/Aframax tankers were 42,500 (vs. 64,000 in Q2), 37,600 (vs. 61,700 in Q2) and 33,900 (vs. 52,900 in Q2) per day.
Net operating income for the quarter improved to $114.75 million from $112.38 million a year ago. Adjusted EPS was $0.36 versus $0.38 a year ago, missing the consensus of $0.45.
In Q3, operating cash flow was $202.53 million compared to $71.44 million in 3Q22. FRO held cash ...