Star Bulk Carriers Corp. (SBLK) plummeted 7.77% in Wednesday's pre-market trading session after the dry bulk shipping company reported weaker-than-expected fourth-quarter earnings results.
The company missed analysts' consensus estimates for earnings per share, reporting adjusted EPS of $0.34 versus expectations of $0.36 to $0.42. While Star Bulk's revenue beat forecasts, the lower profitability appeared to significantly impact investor sentiment.
Analysts cited potential higher operating costs and challenges in the dry bulk shipping market as potential factors behind the disappointing earnings performance. However, Star Bulk did not provide specific commentary on the reasons for the earnings miss.
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