Euronav doubles Q3 core profit yr/yr; beats estimates (updated)

Frontline

02/11/2023 07:55

(Adds quotes from statement, details on revenue)
       Nov 2 (Reuters) - Belgian oil tanker firm Euronav
 EUAV.BR  on Thursday beat analysts expectations and more than
doubled its core profit in the third quarter from the same
year-ago period, helped by higher sales and high freight rates. 
    The market for very large crude carriers (VLCC) "has
improved due to increased frequency of loadings from higher USA
crude production", Euronav said in a statement. 
    Although freight rates fell modestly during the quarter,
they still remained strong when compared to historic averages
since 1990, Euronav added. 
    Earnings before interest, taxes, depreciation and
amortization (EBITDA) were $209.6 million in the third quarter,
beating the $177 million expected by analysts according to a
consensus provided by the company, and more than double the
$102.6 million reported in the same year-ago period.
    Euronav added it wouldn't distribute a dividend for the
third quarter, until the deal that will see its shareholder
Compagnie Maritime Belge (CMB) take control of it is completed. 
    As part of that transaction, Euronav is selling 24 VLCC
tankers to Frontline  FRO.OL  for $2.35 billion.
    Sales in the quarter grew to almost 25% to $278.4 million,
from $223.5 million in the same period a year earlier, the group
said. 

 (Reporting by Olivier Sorgho and Nathan Vifflin; editing by
Miral Fahmy)
 ((Olivier.Sorgho@thomsonreuters.com
nathan.vifflin@thomsonreuters.com))