Revenue Update on Scorpio Bulkers Inc(NYSE:SALT)

Scorpio Bulkers Inc(NYSE:SALT) announced the earnings results for Fiscal Year 2016 and Q4. The results came in during Pre-Market on Feb 6, 2017. Company reported revenue of $26.846M. Analysts estimated a revenue of $28.510M. The revenues were -5.84% below the estimates. Earnings per share were $-0.29. The reported EPS was below estimates by -7.41%. Analysts had estimated an EPS of $-0.27.

In a different note, On Jan 18, 2017, Evercore ISI Group said it Upgrades its rating on Scorpio Bulkers Inc. According to the research note, Evercore ISI Group Raises the price target to $7.5 per share from a prior target of $4.5. The shares have been rated ‘Buy’ by the firm. On Jan 3, 2017, Deutsche Bank said it Upgrades its rating on Scorpio Bulkers Inc. According to the research note, Deutsche Bank Raises the price target to $7.25 per share from a prior target of $4.5. The shares have been rated ‘Buy’ by the firm.

Scorpio Bulkers Inc (SALT) shares turned negative on Tuesdays trading session with the shares closing down -0.6 points or -7.74% at a volume of 10,79,897. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $7.75. The peak price level was also seen at $7.75 while the days lowest was $7.05. Finally the shares closed at $7.15. The 52-week high of the shares is $8.0815 while the 52-week low is $1.79. According to the latest information available, the market cap of the company is $538 M.

Scorpio Bulkers Inc is a company engaged in marine transportation based in the Marshall Islands. It is a provider of transportation services of dry bulk commodities. The Company aims to acquire own and operate a fleet of medium-sized dry bulk carriers. It has offices in Monaco and New York. The Company has contracted and agreed to purchase 28 Ultramax 21 Kamsarmax and three Capesize newbuilding dry ship vessels with deliveries scheduled from second quarter of 2014. It is a part of the Scorpio Group.

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