Star Bulk Carriers Corp. (SBLK) saw its stock price plunge 7.69% in intraday trading on Tuesday, following the release of the company's fourth-quarter earnings results.
The dry bulk shipping company reported adjusted earnings per share of $0.34 for the quarter, missing analysts' consensus estimate of $0.36 to $0.42. While Star Bulk's revenue of $308.92 million beat expectations, the weaker-than-expected profitability appeared to weigh heavily on investor sentiment.
The company did not provide specific commentary on the reasons behind the earnings miss, leaving analysts and investors to speculate on the underlying factors, such as higher operating costs, weaker shipping rates, or other challenges in the dry bulk shipping market.
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