Quick answer: latest quarter results, by ticker or company name

Reported Q: Q3 2024 Rev YoY: +17.6% EPS YoY: +100.0% Move: -2.68%

Golden Ocean Group

GOGL

$7.98 -2.68%

Exchange NASDAQ Sector Industrials Industry Marine Shipping

Q3 2024

Published: Nov 27, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for GOGL

Reported

Report Date

Nov 27, 2024

Quarter Q3 2024

Revenue

260.62M

YoY: +17.6%

EPS

0.28

YoY: +100.0%

Market Move

-2.68%

Previous quarter: Q2 2024

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Earnings Highlights

Revenue of $260.62M up 17.6% year-over-year
EPS of $0.28 increased by 100% from previous year
Gross margin of 36.4%
Net income of 56.33M
""We have continued to execute on our fleet renewal strategy by selling one older Panamax and an older Newcastlemax vessel at attractive prices."" - Peder Simonsen

GOGL

Golden Ocean Group Limited

Period Q3 2024

Currency USD

Report Type Quarterly Earnings

Generated Feb 12, 2026

Executive Summary

In Q3 2024, Golden Ocean Group Limited (NASDAQ: GOGL) reported robust financial performance despite facing dynamic market conditions. The company achieved a net income of $56.3 million, or $0.28 per share, reflecting a strategic focus on fleet renewal and increased operational efficiencies. Notably, adjusted EBITDA slightly increased from $120.3 million in Q2 to $124.4 million in Q3, demonstrating a solid operational foundation. Management also highlighted a favorable long-term outlook, supported by a commendable dividend declaration of $0.30 per share. The quarter saw a slight increase in revenue to $260.6 million, which underpins Golden Ocean’s position as a key player in the marine shipping sector, particularly in the Capesize segment.

Key Performance Indicators

Revenue

Increasing

260.62M

QoQ: 4.21% | YoY: 17.58%

Gross Profit

Increasing

94.94M

36.43% margin

QoQ: 4.31% | YoY: 95.76%

Operating Income

Increasing

93.86M

QoQ: 9.26% | YoY: 109.09%

Net Income

Increasing

56.33M

QoQ: -9.86% | YoY: 96.04%

EPS

Increasing

0.28

QoQ: -9.68% | YoY: 100.00%

Revenue Trend

Margin Analysis

Financial Highlights

### Financial Performance Metrics
- Revenue: $260.6 million (QoQ increase of 4.21% from $250.1 million Q2 2024)
- Net Income: $56.3 million, EPS: $0.28 (decrease from $62.5 million and $0.31 EPS Q2 2024)
- Adjusted EBITDA: $124.4 million (increased from $120.3 million Q2 2024)
- Gross Profit Margin: 36.4%, Operating Income Margin: 36.0%
- Return on Equity: 2.92%, Interest Coverage Ratio: 3.48
- Operating Cash Flow: $100.8 million
- Cash Reserves: $117.6 million at end of Q3
- Debt Levels: Total debt of $1.4 billion, with a cash ratio of 0.46

### Management Commentary on Financials
CEO Peder Simonsen stated, "Our strong adjusted EBITDA reflects our commitment to maintaining low cash breakeven rates, along with our ongoing fleet renewal strategy that allows us to capitalize on market opportunities." This sentiment reinforces the importance of operational adaptability in a variable market landscape.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	260.62M	17.58%	4.21%
Gross Profit	94.94M	95.76%	4.31%
Operating Income	93.86M	109.09%	9.26%
Net Income	56.33M	96.04%	-9.86%
EPS	0.28	100.00%	-9.68%

Key Financial Ratios

Gross Profit Margin

Fair

36.40%

Gross profit margin is moderate, room for improvement in cost management

Operating Profit Margin

Excellent

36.00%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

21.60%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Weak

1.63%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

2.92%

Return on equity suggests inefficient capital allocation

Current Ratio

Adequate

1.22

Current ratio meets minimum requirements but limited cushion

Debt to Equity

Elevated

0.73

Debt-to-equity shows significant leverage, monitor debt levels

P/E Ratio

Value

11.95x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Fair Value

1.40x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
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

Golden Ocean Group (GOGL) Q3 2024 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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