OceanFreight’s Q1 beats the Street, declares $0.77 dividend
Greek drybulk shipping company OceanFreight Inc. (Nasdaq:OCNF) posted first-quarter results after the close Tuesday that trumped the consensus on Wall Street.
Net Income for the first quarter included a non cash charge associated with the valuation of the company's interest rate swaps as well as a one time non cash charge related to the settlement agreement with the company’s former chief executive officer. Excluding these charges, the small cap clocked earnings of $0.88 per share, while the Street was forecasting $0.66 per share.
The company also declared a dividend of $0.77 per share.
Shares gained 5%, or $1.11, to $25.02 in pre-market trading. For detailed price information and recent news stories about OceanFreight, click OCNF.
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