Scorpio Bulkers Swings to Profit in Q1, Revenue Exceeds Estimates

Scorpio Bulkers (SALT) reported pre-market Monday Q1 adjusted earnings of $0.06 per share compared to a loss of $0.08 per share in the prior-year period. Analysts polled by Capital IQ were expecting a net loss of $0.18 per share.

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Vessel revenue for the March quarter dropped to $50.4 million from $54.3 million in the first quarter of 2018. The CapIQ average for revenue was $49.3 million.

The company said the board authorized the release of a quarterly cash distribution of $0.02 per common share, payable on May 31 to all shareholders of record as of May 15.