Overseas Shipholding Group (OSG) Reports Q1 EPS of $0.04

Overseas Shipholding Group (NYSE: OSG) reported Q1 EPS of $0.04.

Highlights

• Net income for the first quarter was $3.7 million, or $0.04 per diluted share, compared with net income of $5.4 million, or $0.06 per diluted share, for the first quarter 2017.
• Shipping revenues for the first quarter 2018 were $101.0 million, down 6.6% compared with the same period in 2017. Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the first quarter 2018 were $88.8 million, down 13.2% compared with the first quarter 2017. Sequentially, shipping revenues and TCE revenues increased 8.9% and 7.3%, respectively, over the fourth quarter of 2017.
• First quarter 2018 Adjusted EBITDA(B), a non-GAAP measure, was $26.3 million, down 27.3% from $36.2 million in the first quarter 2017. Adjusted EBITDA increased 15.6% from the 2017 fourth quarter.
• Total cash(C) was $111.7 million as of March 31, 2018.
• Prepayments of $75.2 million were made during the first quarter 2018 for the Company’s OBS Term Loan.

For earnings history and earnings-related data on Overseas Shipholding Group (OSG) click here.

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