Reported Q: Q1 2024 Rev YoY: +25.6% EPS YoY: +850.0% Move: -2.68%
Golden Ocean Group
GOGL
$7.98 -2.68%
Exchange NASDAQ Sector Industrials Industry Marine Shipping
Q1 2024
Published: May 22, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for GOGL

Reported

Report Date

May 22, 2024

Quarter Q1 2024

Revenue

246.74M

YoY: +25.6%

EPS

0.33

YoY: +850.0%

Market Move

-2.68%

Previous quarter: Q4 2023

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Earnings Highlights

  • Revenue of $246.74M up 25.6% year-over-year
  • EPS of $0.33 increased by 850% from previous year
  • Gross margin of 37.2%
  • Net income of 65.39M
  • ""The solid financial platform gives Golden Ocean the ability to tilt the fleet in the spot market when we see a trend we believe in..."" - Lars-Christian Svensen
GOGL
Golden Ocean Group Limited

Executive Summary

In Q1 2024, Golden Ocean Group Limited delivered a robust financial performance characterized by a net income of $65.4 million and an EPS of $0.33, representing a significant increase from the previous quarter. Management attributed this strong outcome to a strategic focus on commercial opportunities within a favorable freight market, although adjusted EBITDA saw a slight decline to $114.3 million from $123.2 million in Q4 2023. The company successfully capitalized on its fleet's operational efficiency, leading to a fleet-wide average TCE rate of $22,600 per day, underpinned by strong demand for Capesize and Panamax vessels. Given the sustained strength in the global shipping demand, particularly in the dry bulk sector, the company is well-positioned for continued success moving into the next quarters.

Key Performance Indicators

Revenue
Increasing
246.74M
QoQ: -2.94% | YoY: 25.55%
Gross Profit
Increasing
91.70M
37.17% margin
QoQ: 1.61% | YoY: 309.81%
Operating Income
Increasing
84.27M
QoQ: -1.25% | YoY: 243.96%
Net Income
Increasing
65.39M
QoQ: 13.78% | YoY: 841.18%
EPS
Increasing
0.33
QoQ: 13.79% | YoY: 850.00%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q4 2024 210.97 0.20 -17.0% View
Q3 2024 260.62 0.28 +17.6% View
Q2 2024 250.09 0.31 +17.2% View
Q1 2024 246.74 0.33 +25.6% View
Q4 2023 254.21 0.29 +1.9% View