Star Bulk Carriers Corp. shares rose 8.3% to $29.25 in Wednesday's after-hours trading session after the company's fourth-quarter results and dividend increase.
The dry bulk shipping company posted $300.2 million in profit, up from $27.8 million in the year-ago period. Analysts polled by FactSet had expected $260.1 million.
Total revenue was $499.9 million compared to $186 million. Analysts polled by FactSet had expected $399.9 million.
Chief Executive Petros Pappas said in prepared remarks that favorable market conditions in 2021 helped the company reach record-high profitability. He said the company remains optimistic about the prospects of the dry bulk markets due to promising supply and demand balance for the coming years.
The company also said the board declared a quarterly cash dividend of $2 a share payable on or about March 15 to all shareholders of record as of March 2.
Leave a Reply