Star Bulk Carriers (NASDAQ: SBLK) saw its stock price plunge 5.37% in after-hours 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, missing analysts' consensus estimate of $0.42 by a significant margin. While Star Bulk's revenue of $308.92 million beat expectations of $231.02 million, the weaker-than-expected profitability appeared to weigh on investor sentiment.
According to analysts, the disappointing earnings performance could be attributed to higher operating costs and potential challenges in the dry bulk shipping market. However, the company did not provide specific commentary on the reasons behind the earnings miss, leaving investors to speculate on the underlying factors.
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