Scorpio Tankers reports Q2, 1H 2014 results
Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers," or the "Company") on July 28 2014 reported its results for the three and six months ended June 30, 2014.
Results for the three months ended June 30, 2014 and 2013
For the three months ended June 30, 2014, the Company had a net loss of $0.6 million, or $0.00 basic and diluted loss per share. The Company's adjusted net loss was $11.2 million (see Non-GAAP Measure section below), or $0.06 basic and diluted loss per share, which excludes (i) a gain of $10.9 million, or $0.06 per share, resulting from the previously announced acquisition of 7,500,000 common shares of the Company in exchange for 3,422,665 shares of Dorian LPG Ltd ("Dorian"), (ii) a write-off of $0.3 million, or $0.00 per share, for deferred financing fees relating to the repayment of the STI Spirit Credit Facility in April 2014 and (iii) an unrealized gain on derivative financial instruments of $64,769, or $0.00 per share. For the three months ended June 30, 2013, the Company had net income of $4.0 million, or $0.03 basic and diluted earnings per share. The Company's adjusted net income was $3.6 million (see Non-GAAP Measure section below), or $0.03 basic and diluted earnings per share, which excludes a $0.3 million, or $0.00 per share unrealized gain on derivative financial instruments.
Results for the six months ended June 30, 2014 and 2013
For the six months ended June 30, 2014, the Company had net income of $52.8 million, or $0.28 basic and diluted earnings per share. The Company's adjusted net loss was $9.4 million (see Non-GAAP Measure section below), or $0.05 basic and diluted loss per share, which excludes (i) a gain of $51.4 million, or $0.27 per share, resulting from the previously announced sales of seven Very Large Crude Carriers ("VLCCs") under construction, (ii) a gain of $10.9 million, or $0.06 per share, resulting from the previously announced acquisition of 7,500,000 common shares of the Company in exchange for 3,422,665 shares of Dorian, (iii) a write-off of $0.3 million, or $0.00 per share, for deferred financing fees relating to the repayment of the STI Spirit Credit Facility in April 2014 and (iv) an unrealized gain on derivative financial instruments of $0.1 million or $0.00 per share.
For the six months ended June 30, 2013, the Company had net income of $10.6 million or $0.09 basic and diluted earnings per share. The Company's adjusted net income was $10.2 million (see Non-GAAP Measure section below), or $0.09 basic and diluted earnings per share, excluding a $0.4 million, or $0.00 per share unrealized gain on derivative financial instruments.