The earnings call highlighted a strong financial performance, successful integration of Eagle Bulk, and leadership in ESG initiatives. Despite these positives, challenges in the Panamax market and potential global economic impacts were noted. Overall, the sentiment leans positive with a strong financial and operational foundation, tempered by some market uncertainties.

Company Guidance

During the Star Bulk Carriers earnings call for the third quarter of 2024, the company provided detailed guidance on several key financial metrics and strategic initiatives. The company reported a net income of $81 million and an adjusted net income of $83 million, with adjusted earnings per share of $0.71. The declared dividend per share was $0.60, payable on December 18, 2024. Star Bulk's liquidity stood at $433 million, with total debt amounting to $1.3 billion. The time charter equivalent rate per vessel was $18,843 per day, while daily operating expenses and net cash G&A expenses were $6,376 per vessel, resulting in a TCE less OpEx and cash G&A of $12,647. The integration of Eagle Bulk led to synergies of over $9 million, with expectations of further savings in 2025. The company sold four vessels in Q3, with three expected to be delivered in Q4 for gross proceeds of $50 million. Star Bulk operates a fleet of 156 vessels, with 98% scrubber fitted, enhancing its competitive edge. Since 2021, the company has declared $1.33 billion in dividends and repurchased $443 million worth of shares. The company is committed to ESG initiatives, achieving a 4% reduction in Scope 1 emissions and working towards compliance with upcoming environmental regulations. The ongoing fleet upgrade and energy-saving retrofits exemplify Star Bulk's focus on efficiency and sustainability.

Strong Financial Performance

Net income for Q3 2024 was $81 million with adjusted net income of $83 million, resulting in $0.71 adjusted earnings per share. Adjusted EBITDA for the quarter was $143.4 million.

Robust Liquidity Position

Total liquidity stands at $433 million, and the company declared a dividend of $0.60 per share, payable on December 18, 2024.

Successful Integration of Eagle Bulk

Synergies from the Eagle Bulk integration have already achieved more than $9 million, with further savings expected in OpEx and drydock costs.

Significant Debt Reduction

Net debt per vessel has decreased from $12.3 million to $5.7 million, a reduction of more than 50%.

ESG Leadership

Achieved a 4% reduction in Scope 1 greenhouse gas emissions and a 5.8% improvement in fleet-wide CII.

Positive Market Outlook

Dry bulk trade during 2024 is projected to expand by 5.2% in ton miles, with demand projected to increase by 1.3% in 2025.

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Star Bulk Carriers (SBLK) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SBLK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 07, 2018	2018 (Q2)	- / 0.21	-0.12	275.00% (+0.33)	―	―
Nov 20, 2018	2018 (Q3)	- / 0.35	-0.08	537.50% (+0.43)	―	―
Feb 11, 2019	2018 (Q4)	- / 0.33	0.34	-2.94% (-0.01)	―	―
May 22, 2019	2019 (Q1)	- / -0.09	0.18	-150.00% (-0.27)	―	―
Aug 07, 2019	2019 (Q2)	- / -0.22	0.21	-204.76% (-0.43)	―	―
Nov 20, 2019	2019 (Q3)	- / 0.18	0.35	-48.57% (-0.17)	―	―
Feb 19, 2020	2019 (Q4)	- / 0.36	0.33	9.09% (+0.03)	―	―
May 26, 2020	2020 (Q1)	- / -0.23	-0.09	-155.56% (-0.14)	―	―
Aug 05, 2020	2020 (Q2)	- / -0.19	-0.22	13.64% (+0.03)	―	―
Nov 16, 2020	2020 (Q3)	- / 0.28	0.18	55.56% (+0.10)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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SBLK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 19, 2024	$19.32	$18.29	-5.33%
Aug 07, 2024	$19.61	$19.59	-0.10%
May 22, 2024	$23.19	$23.66	+2.03%
Feb 12, 2024	$20.48	$19.47	-4.93%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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