AP News

Scorpio Tankers 3Q results improve to break-even

NEWS: Scorpio Tankers Inc. said on Monday that it broke even during the third quarter after losing 30 cents per share last year, as vessel revenue more than doubled.

DETAILS: Scorpio owned an average of 17 vessels during the quarter, up from 10 a year earlier. Vessels under time charter jumped from 10.5 a year ago to 25 in the most recent quarter. Scorpio also cut its financing costs from a year ago.

Also Monday, the company said it would get newly-issued shares amounting to 30 percent of shipping company Dorian LPG in exchange for its contracts for new very large gas carrier ships plus $1.9 million. Scorpio has paid $83.1 million in installments for the 11 contracts, the companies.

NUMBERS: Net income was $667,000, or break-even per share, for the quarter that ended Sept. 30. During the 2012 third quarter, it lost $12.5 million, or 30 cents per share. Analysts surveyed by FactSet, on average, expected profit of 3 cents per share.

Revenue more than doubled to $57.8 million, from $28.67 million a year earlier, matching analyst expectations.

FUTURE: The board doubled the dividend. Shareholders of record as of Dec. 3 will receive a dividend of 7 cents, up from 3.5 cents, payable on Dec. 18.

STOCK: Up 13 cents to $11.50 in afternoon trading. Earlier in the day it set a 52-week high of $11.84.

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