Seacrest Petroleo Bermuda Second Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag

Seacrest Petroleo Bermuda (OB:SEAPT) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$47.2m (down 11% from 2Q 2023).
• Net income: US$5.49m (up from US$39.3m loss in 2Q 2023).
• Profit margin: 12% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses.
• EPS: US$0.015 (up from US$0.12 loss in 2Q 2023).

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

Seacrest Petroleo Bermuda EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates.

Looking ahead, revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 5.2% decline forecast for the Oil and Gas industry in Norway.

Performance of the Norwegian Oil and Gas industry.

The company's shares are up 23% from a week ago.

Risk Analysis

What about risks? Every company has them, and we've spotted 4 warning signs for Seacrest Petroleo Bermuda (of which 1 doesn't sit too well with us!) you should know about.

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