International Seaways Q3 net income $98M ($1.99/sh); declares combined dividend $1.25/sh

International Seaways, Inc.

2023-Q3 EPS reported $8.58 revenue$821,041,000

Net income $97.9M ($1.99 diluted EPS) vs $113.4M ($2.28) in Q3 2022; adjusted net income $100.7M ($2.04).
Shipping revenues $241.7M vs $236.8M YoY; TCE revenues $236M; Adjusted EBITDA $150.9M vs $157.1M.
Declared combined dividend $1.25/share ($0.12 regular + $1.13 supplemental), payable Dec 27, 2023, record Dec 13.
Repurchased 366,483 shares YTD at avg $38.03; $50M buyback authorization extended to end of 2025.
Ordered four LR1 newbuildings (~$231M total); sold two 2008 MRs; prepaid $316M debt YTD; cash breakeven cut to ~$14,750/day.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

International Seaways, Inc. reported the third quarter 2023 results: revenue $241.7 million, net income $97.9 million, or $1.99 per diluted share.

Period: the third quarter 2023
Revenue: $241.7 million
Net income: $97.9 million, or $1.99 per diluted share
Result: reported results

Exact text from the filing

in depreciation and amortization due to the impact of VLCC newbuilding deliveries as well as increased drydockings and amortization. Shipping revenues for the third quarter were $241.7 million, compared to $236.8 million for the third quarter of 2022. Consolidated TCE revenues for the third quarter were $236.0 million, compared to $234.5 million for the third quarter

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International Seaways, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-115010

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