International Seaways (INSW) Q1 FY2024 earnings: revenue $274 million, down 4.4% on the year

International Seaways, Inc. (INSW) reported revenue of $274 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.4% on the same quarter a year earlier. Net income was $144 million, down 16.3% on the year, and diluted earnings per share $2.92. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$274 milliondown 4.4%

Net income$144 milliondown 16.3%

Diluted EPS$2.92

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	274	251	n/a	n/a
Operating income	154	147	n/a	n/a
Operating margin	56.3%	58.7%	n/a
Interest expense	12.9	14.1	n/a	n/a
Pre-tax income	144	136	n/a	n/a
Income tax	0.0	3.4	n/a	n/a
Effective tax rate	0.0%	2.5%	n/a
Net income	144	132	n/a	n/a
Net margin	52.7%	52.7%	n/a
Diluted EPS	$2.92	$2.68	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	156	125	n/a	n/a
Capital expenditure	26.4	12.9	n/a	n/a
Free cash flow	130	113	n/a	n/a
Free cash flow margin	47.4%	44.9%	n/a
Cash from investing	-42.9	45.3	n/a	n/a
Cash from financing	-101	-183	n/a	n/a
Depreciation and amortisation	34.2	33.7	n/a	n/a
Share-based compensation	1.7	2.6	n/a	n/a
Dividends paid	86.9	61.2	n/a	n/a
Dividend per share	$1.20	$0.12	n/a	n/a
Diluted shares, weighted	49m	49m	n/a	n/a
Shares outstanding at period end	49m	49m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,795	1,717	n/a	n/a
Debt	692	723	n/a	n/a
Operating lease liabilities	9.3	11.6	n/a	n/a
Other liabilities	55.5	70.8	n/a	n/a
Total liabilities and equity	2,551	2,522	n/a	n/a
Fixed assets	1,891	1,914	n/a	n/a
Investments	75.0	60.0	n/a	n/a
Cash and equivalents	140	127	n/a	n/a
Receivables	243	247	n/a	n/a
Inventory	0.6	1.3	n/a	n/a
Other assets	203	172	n/a	n/a
Total assets	2,551	2,522	n/a	n/a

Questions

What was International Seaways' revenue in Q1 FY2024?

International Seaways (INSW) reported revenue of $274 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.4% on the same quarter a year earlier.

How much did International Seaways earn in Q1 FY2024?

Net income for Q1 FY2024 was $144 million, down 16.3% on the year, and diluted earnings per share $2.92.

When did International Seaways report Q1 FY2024 results?

International Seaways filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 8 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	242	251	274	257	225	195	183	196	196	268	325	467
Operating income	114	147	154	155	101	45.0	59.2	69.4	78.7	138	289	301
Operating margin	47%	59%	56%	60%	45%	23%	32%	35%	40%	52%	89%	64%
Interest expense	16.8	14.1	12.9	12.4	12.5	11.9	11.5	9.8	9.6	11.9	9.0	10.6
Pre-tax income	98.0	136	144	145	91.7	34.7	n/a	61.6	70.5	n/a	n/a	295
Tax rate	0%	3%	0%	0%	-0%	-3%	n/a	0%	n/a	n/a	n/a	-0%
Net income	97.9	132	144	145	91.7	35.8	49.6	61.6	70.5	128	286	295
Net margin	41%	53%	53%	56%	41%	18%	27%	32%	36%	48%	88%	63%
Diluted EPS	$1.99	$2.68	$2.92	$2.91	$1.84	$0.72	$1.00	$1.25	$1.42	$2.56	$5.75	$5.91
Operating cash flow	148	125	156	168	129	93.6	69.9	85.8	78.3	146	141	268
Capital expenditure	4.2	12.9	26.4	176	13.7	62.2	83.0	17.9	87.7	152	70.7	52.2
Free cash flow	144	113	130	-8.5	115	31.4	-13.0	67.9	-9.3	-5.9	70.4	215
Buybacks	0.0	n/a	n/a	n/a	25.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	69.4	61.2	86.9	86.9	73.8	59.0	34.5	29.6	38.0	42.5	106	225
Shares outstanding	49m	49m	49m	50m	49m	49m	49m	49m	49m	49m	50m	50m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0001558370-24-007204: the filing on EDGAR. All of International Seaways, Inc.'s filings: EDGAR company page.

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