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Scorpio Tankers Inc. Announces Financial Results for the Fourth Quarter of 2024 and the Declaration of a Dividend
STNGScorpio Tankers(STNG) GlobeNewswire·2025-02-12 22:00

Core Viewpoint - Scorpio Tankers Inc. reported a decline in net income for the fourth quarter of 2024 compared to the same period in 2023, alongside a quarterly cash dividend declaration of 0.40pershare[1][11].FinancialResults−ForthethreemonthsendedDecember31,2024,thecompanyhadanetincomeof0.40 per share [1][11]. Financial Results - For the three months ended December 31, 2024, the company had a net income of 68.6 million, or 1.48basicand1.48 basic and 1.43 diluted earnings per share [2][4]. - Adjusted net income for the same period was 30.3million,or30.3 million, or 0.65 basic and 0.63dilutedearningspershare,excludingspecificgainsandlosses[3].−Incomparison,forthethreemonthsendedDecember31,2023,thecompanyreportedanetincomeof0.63 diluted earnings per share, excluding specific gains and losses [3]. - In comparison, for the three months ended December 31, 2023, the company reported a net income of 120.9 million, or 2.43basicand2.43 basic and 2.34 diluted earnings per share [4][5]. Yearly Performance - For the year ended December 31, 2024, the company reported a net income of 668.8million,or668.8 million, or 13.78 basic and 13.15dilutedearningspershare[6].−Adjustednetincomefortheyearwas13.15 diluted earnings per share [6]. - Adjusted net income for the year was 512.9 million, or 10.57basicand10.57 basic and 10.08 diluted earnings per share, after excluding certain gains and losses [7]. - In contrast, for the year ended December 31, 2023, the company had a net income of 546.9million,or546.9 million, or 10.44 basic and 10.03dilutedearningspershare[8][9].RevenueandOperatingMetrics−TheaveragedailyTimeCharterEquivalent(TCE)revenueforthefourthquarterof2024was10.03 diluted earnings per share [8][9]. Revenue and Operating Metrics - The average daily Time Charter Equivalent (TCE) revenue for the fourth quarter of 2024 was 21,978 per vessel, down from 32,949pervesselinthesamequarterof2023[34].−TCErevenueforthefourthquarterof2024decreasedby32,949 per vessel in the same quarter of 2023 [34]. - TCE revenue for the fourth quarter of 2024 decreased by 141.9 million to 192.1million,comparedto192.1 million, compared to 334.1 million in the fourth quarter of 2023 [34]. - The average number of vessels was 100.9 in Q4 2024, down from 111.5 in Q4 2023, contributing to the decline in revenue [34]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of 0.40percommonshare,payableonMarch21,2025,toshareholdersofrecordasofMarch7,2025[11].DebtandFinancingActivities−InJanuary2025,thecompanysuccessfullyplaced0.40 per common share, payable on March 21, 2025, to shareholders of record as of March 7, 2025 [11]. Debt and Financing Activities - In January 2025, the company successfully placed 200 million of new senior unsecured bonds due in January 2030, with a fixed coupon rate of 7.50% per annum [12][25]. - The company executed a 500millionrevolvingcreditfacilityinFebruary2025,providingflexibilityforfuturefinancingneeds[27].−AsofFebruary11,2025,thecompanyhad500 million revolving credit facility in February 2025, providing flexibility for future financing needs [27]. - As of February 11, 2025, the company had 530.5 million in unrestricted cash and cash equivalents, along with 788.2millionofundrawnrevolvercapacity[20].ShareRepurchaseProgram−FromOctober1,2024,toFebruary12,2025,thecompanyrepurchased658,125commonsharesatanaveragepriceof788.2 million of undrawn revolver capacity [20]. Share Repurchase Program - From October 1, 2024, to February 12, 2025, the company repurchased 658,125 common shares at an average price of 59.33 per share, with $173.5 million remaining under the 2023 Securities Repurchase Program [14].