Northern Ocean First Quarter 2024 Earnings: Misses Expectations

Northern Ocean (OB:NOL) First Quarter 2024 Results

Key Financial Results

• Revenue: US$85.4m (up 175% from 1Q 2023).
• Net loss: US$9.64m (loss narrowed by 43% from 1Q 2023).
• US$0.05 loss per share (improved from US$0.092 loss in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Northern Ocean Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) was also behind analyst expectations.

Looking ahead, revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Energy Services industry in Norway.

Performance of the Norwegian Energy Services industry.

The company's shares are down 11% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We've done some analysis and you can see our take on Northern Ocean's balance sheet.

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