Frontline suffered a 48.3% decline in its total operating revenues during the fourth quarter as the oil tanker shipping company grappled with lower tanker demand. However, 4Q total operating revenues, which came in $174.9 million still surpassed analysts’ expectations of $108.9 million. Shares fell 1% in extended market trading after gaining 2.4% at the close on Friday. Frontline (FRO) reported an adjusted loss of $0.10 per share for the quarter, which was larger than analysts’ expectations of a loss of a penny. Moreover, the bottom-line result compared with the year-ago quarter’s adjusted earnings of $0.54 per share.
https://www.tipranks.com/news/frontline-4q-sales-sink-48-on-weak-oil-tanker-demand