Star Bulk Carriers Corp. (SBLK) saw its stock price plunge 5.74% in pre-market trading on Wednesday, following the release of the company's fourth-quarter earnings results after the market close on Tuesday.
The dry bulk shipping company reported adjusted earnings per share of $0.34 for the quarter, missing analysts' consensus estimate of around $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.
"Star Bulk Carriers (SBLK) came out with quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.42 per share," one report stated. Analysts attributed the disappointing earnings performance to potential higher operating costs and challenges in the dry bulk shipping market, although the company did not provide specific commentary on the reasons behind the earnings miss.
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