Frontline Ltd Price, Forecast, Insider, Ratings, Fundamentals & Signals

Frontline plc reports results for the fourth quarter ended december 31, 2023 frontline plc (the “company” or “frontline”), today reported unaudited results for the three and twelve months ended december 31, 2023: highlights profit of $118.4 million, or $0.53 per share for the fourth quarter of 2023. adjusted profit of $102.2 million, or $0.46 per share for the fourth quarter of 2023.

Frontline plc (the “company” or “frontline”) (nyse: fro – ose: fro) today announced that it has entered into an agreement whereby the company will sell its five oldest vlccs, built in 2009 and 2010, for an aggregate net sale price of $290 million. the vessels are expected to be delivered to the new owner during the first quarter of 2024. after repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million, and the company expects to record a gain in the first quarter of 2024 in the range of approximately $68 million to $76 million, depending on the date of delivery of each vessel to the new owner. the sale is subject to certain closing conditions, in line with industry standards.

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Frontline's dividend offers a strong 9.4% yield, thanks to strong growth and favourable market conditions. Frontline's strong revenue and EPS growth should help in reducing debt risk. Geopolitical shifts boost Frontline's growth as it causes longer, more lucrative routes.

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Frontline plc (FRO) Q42023 Earnings Call Transcript

Frontline (FRO) came out with quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.97 per share a year ago.

Most stocks that pay a yield greater than the average among S&P 500 listed companies have failed to produce market-beating results. These three companies have been the exception to the rule.

Supply chain woes are likely to have dented Frontline's (FRO) Q4 performance.