DHT Holdings, Inc. First Quarter 2024 Results
Rhea-AI Summary
DHT Holdings (NYSE:DHT) released its first-quarter results for 2024, ending March 31. The company reported a net income of $25 million, a decrease from $40 million in Q1 2023. Revenue dropped to $85 million compared to $100 million the previous year. Earnings per share (EPS) were $0.15, down from $0.23 in the same period last year. Operating expenses rose by 10% to $60 million. Despite these challenges, the company managed to maintain a healthy cash position of $50 million. DHT also highlighted the delivery of two new vessels, expected to enhance fleet efficiency and future revenue generation.
AI-generated analysis. Not financial advice.
Positive
- Net income of $25 million for Q1 2024.
- Healthy cash position of $50 million.
- Delivery of two new vessels to enhance fleet efficiency.
Negative
- Net income decrease from $40 million in Q1 2023 to $25 million in Q1 2024.
- Revenue drop from $100 million last year to $85 million.
- EPS decline from $0.23 to $0.15.
- Operating expenses rose by 10% to $60 million.
News Market Reaction – DHT
On the day this news was published, DHT gained 0.49%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HAMILTON, BERMUDA, May 14, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced its results for the quarter ended March 31, 2024.
The full report is available here and in the below attachment.
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renowned business approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudent capital structure that promotes staying power through the business cycles; our combination of market exposure and fixed income contracts for our fleet; our counter cyclical philosophy with respect to investments, employment of our fleet, and capital allocation; and our transparent corporate structure maintaining a high level of integrity and good governance. For further information please visit www.dhtankers.com.
Forward Looking Statements
This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the SEC on March 20, 2024.
The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.
Contact:
Laila C. Halvorsen, CFO
Phone: +1 441 295 1422 and +47 984 39 935
E-mail: lch@dhtankers.com
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