Frontline (NYSE:FRO) on Wednesday announced third-quarter earnings of $60.5 million, or 27 cents per share, as the Cyprus-based shipping company faced a challenging period despite positive net income results.
When adjusted for non-recurring costs, the company’s earnings rose to 34 cents per share.
While revenue for the quarter came in at $490.4 million, adjusted revenue—excluding certain costs—totaled $295.4 million, signaling potential concerns over operational efficiency.
The company’s financial performance this quarter has failed to meet analysts’ forecasts, leading to a sharp decline in its share price.
Following the earnings announcement today, Frontline’s stock fell more than 8% in premarket trading, dropping to $18.07 per share.