HAMILTON, Bermuda (AP) _ Frontline Ltd. (FRO) on Friday reported third-quarter net income of $2.2 million, after reporting a loss in the same period a year earlier.
The Hamilton, Bermuda-based company said it had net income of 1 cent per share. Losses, adjusted for non-recurring gains, came to 5 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The shipping company posted revenue of $188.8 million in the period. Its adjusted revenue was $89.2 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $79.9 million.
Frontline shares have increased 36 percent since the beginning of the year. The stock has increased 8 percent in the last 12 months.
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