Scorpio Tankers Inc

Latest Results (20.08.2024):

Net Income

For the second quarter of 2024, Scorpio Tankers Inc. reported a net income of $227.3 million, translating to $4.54 basic and $4.34 diluted earnings per share. This marks a significant increase compared to the same period in 2023, where the net income was $132.4 million, or $2.50 basic and $2.40 diluted earnings per share.

Adjusted Net Income

Scorpio Tankers Inc.'s adjusted net income for the second quarter of 2024 was $188.4 million, or $3.77 basic and $3.60 diluted earnings per share. This figure excludes a $43.3 million gain on sales of vessels and a $4.4 million write-off related to debt and lease payments. In comparison, the adjusted net income for the second quarter of 2023 was $133.3 million.

Dividend Declaration

On July 29, 2024, Scorpio Tankers Inc.'s Board of Directors declared a quarterly cash dividend of $0.40 per common share. The dividend is payable on September 13, 2024, to all shareholders of record as of August 15, 2024. This decision reflects the company's strong financial performance and commitment to returning value to shareholders.

Securities Repurchase Program

Scorpio Tankers Inc. announced an increase to its 2023 Securities Repurchase Program, allowing for the purchase of up to $400 million of the company's securities. This includes both common shares and Senior Unsecured Notes Due 2025. The program was replenished on July 29, 2024, indicating the company's robust financial health and strategic capital management.

Debt Repayment and Credit Facility Conversion

During the second quarter of 2024, Scorpio Tankers Inc. repaid $399 million of debt, significantly reducing its financial liabilities. Additionally, the company converted its 2023 $225.0 million Credit Facility to a revolving credit facility, providing greater financial flexibility. These actions are expected to lower the company's daily cash break-even rates and enhance its financial stability.