Scorpio Tankers Inc. (STNG) Reports Q1 2023 Financial Results with Impressive Growth and Profitability; Declares Dividend Increase
Dividends
May 2, 2023
May 2, 2023
Scorpio Tankers Inc. (STNG), a leading international provider of marine transportation of petroleum products, has reported its financial results for the first quarter of 2023, showing impressive growth and profitability. The company has also declared a dividend increase, reinforcing its commitment to delivering value to shareholders.
Scorpio Tankers reported net income of $193.2 million, or $3.40 basic and $3.27 diluted earnings per share, for the three months ended March 31, 2023. This is a significant improvement from the net loss of $84.4 million, or $1.52 basic and diluted loss per share, for the same period in 2022. Adjusted net income for Q1 2023, which excludes certain write-offs and amortization expenses, was $195.6 million, or $3.44 basic and $3.31 diluted earnings per share.
The Board of Directors of Scorpio Tankers has declared a quarterly cash dividend of $0.25 per common share, payable on June 30, 2023, to all shareholders of record as of June 13, 2023. This represents a 25% increase from the previous dividend payment. The company has 59,455,820 common shares outstanding as of May 1, 2023.
Scorpio Tankers also announced that Brian Lee, the Chief Financial Officer, will be stepping down at the end of September 2023 and will be replaced by Christopher Avella. Mr. Lee has been the CFO of Scorpio Tankers since the company's inception in 2010. Mr. Avella, a certified public accountant, has been with Scorpio Tankers since 2010, serving as the Chief Accounting Officer and Controller. He also served as the CFO of Hermitage Offshore Services Ltd. from 2019 to 2021. Mr. Avella holds a B.S. in accounting from Rutgers University, an M.B.A. from Seton Hall University, and an M.S. in finance from Georgetown University.
Members of LevelFields received the alert of this event on May 2, 7:10 AM ET
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions,and let LevelFields help you become a better trader.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.