Star Bulk to Report Q3 Earnings: What's in Store for the Stock?

Meme cryptocurrency Dogecoin is soaring in price and valuation, up more than 80% in the past week and setting new 52-week highs.

With the latest push in valuation, Dogecoin passed the valuation of some well-known global companies.

What Happened: Dogecoin was created in 2013 by Jackson Palmer and Billy Markus, meant as a joke and as a satirical coin to mock Bitcoin .

While Dogecoin trails Bitcoin in value at $47.7 billion to $1.72 trillion based on current market capitalizations, the accomplishments of increasing that much in value are no laughing matter.

With its current market capitalization of $47.7 billion at the time of writing, Dogecoin would rank as the 428th largest company in the world, according to companiesmarketcap.com.

Here is a look at some well-known companies that are worth less than Dogecoin is Monday:

• Occidental Petroleum : $47.6 billion
• Volkwagen : $46.3 billion
• Nasdaq : $45.7 billion
• Keurig Dr Pepper : $44.9 billion
• Ford Motor Company : $44.7 billion
• Heineken : $44.1 billion
• Kroger : $43.2 billion
• Adidas : $42.5 billion
• Honda Motor Company : $42.5 billion
• Delta Air Lines : $40.9 billion
• Kraft Heinz Company : $39.4 billion
• Lululemon Athletica : $39.1 billion
• Yum! Brands : $38.2 billion
• 7-Eleven: $37.3 billion
• Roblox Corporation : $35.7 billion

There you have it, 15 companies you've likely heard of now worth less than Dogecoin. Years ago, it was likely unimaginable that the joke cryptocurrency would become larger than companies like Ford and Adidas, but here we are.

Read Also: Here’s How Much $100 In Dogecoin Today Could Be Worth If DOGE Hits New All-Time Highs

What's Next: The cryptocurrency sector has been enjoying a surge in valuation and interest since the 2024 election with Dogecoin far from the only cryptocurrency trading higher.

Bitcoin hit several new all-time highs on Monday and is currently trading over $87,000.

Dogecoin hit a one-year high of $0.3278 on Monday and currently trades at $0.3251. While the cryptocurrency is up over 100% in the last seven days, Dogecoin trades below its all-time high which was previously set back in May 2021.

Dogecoin's current all-time high stands at $0.7376, a level reached on the same day Elon Musk appeared on an episode of "Saturday Night Live" and gave the meme crypto several shout-outs.

Musk's call to be in charge of the Department of Government Efficiency, or D.O.G.E. under President-elect Donald Trump has increased attention on Dogecoin.

Read Next:

• If You Invested $100 In Dogecoin When Elon Musk First Tweeted About The Meme Crypto, Here’s How Much You’d Have Today

Photo: Executium via Unsplash

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Star Bulk Carriers (SBLK) closed the latest trading day at $20.33, indicating a +1.14% change from the previous session's end. This change outpaced the S&P 500's 0.1% gain on the day. On the other hand, the Dow registered a gain of 0.69%, and the technology-centric Nasdaq increased by 0.06%.

The the stock of shipping company has fallen by 4.51% in the past month, lagging the Transportation sector's gain of 4.67% and the S&P 500's gain of 4.37%.

The investment community will be paying close attention to the earnings performance of Star Bulk Carriers in its upcoming release. The company is slated to reveal its earnings on November 19, 2024. The company's earnings per share (EPS) are projected to be $0.71, reflecting a 108.82% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $342.34 million, indicating a 53.45% growth compared to the corresponding quarter of the prior year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $3.04 per share and revenue of $1.3 billion. These totals would mark changes of +65.22% and +37.2%, respectively, from last year.

Investors should also take note of any recent adjustments to analyst estimates for Star Bulk Carriers. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 14.27% lower within the past month. Currently, Star Bulk Carriers is carrying a Zacks Rank of #4 (Sell).

Investors should also note Star Bulk Carriers's current valuation metrics, including its Forward P/E ratio of 6.62. This signifies a discount in comparison to the average Forward P/E of 7.13 for its industry.

The Transportation - Shipping industry is part of the Transportation sector. With its current Zacks Industry Rank of 202, this industry ranks in the bottom 20% of all industries, numbering over 250.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Zacks Investment Research

Air Transport Services Group, Inc. (ATSG) reported disappointing third-quarter 2024 results wherein both earnings and revenues missed the Zacks Consensus Estimate. Quarterly earnings per share (EPS) of 13 cents lagged the Zacks Consensus Estimate of 19 cents and plunged 59.4% year over year.

Find the latest EPS estimates and surprises on ZacksEarnings Calendar.

Customer revenues (derived after eliminating internal revenues from total revenues) of $471.3 million missed the Zacks Consensus Estimate of $507.9 million and fell 9.9% year over year.

Air Transport Services Group, Inc Price, Consensus and EPS Surprise

Air Transport Services Group, Inc price-consensus-eps-surprise-chart | Air Transport Services Group, Inc Quote

As declared on Nov. 4, 2024, ATSG has inked a deal with Stonepeak, a firm specializing in infrastructure and real assets, wherein ATSG will be purchased by the latter in an all-cash transaction with an enterprise value of $3.1 billion. Per the deal, ATSG common stockholders will receive $22.50 per share in cash. On closure of the deal, ATSG’s shares will no longer be traded on the Nasdaq, and ATSG will become a private company.

ATSG primarily operates through the following reporting segments, namely Cargo Aircraft Management or CAM and ACMI (aircraft, crew, maintenance & insurance) Services. Revenues from CAM’s other operations grew 2.5% year over year to $112.46 million. Revenues from ACMI Services and other operations decreased 11.8% and 17.5% year over year to $321.97 million and $93 million, respectively.

Air Transport’s total fleet in service included 143 aircraft (20 passengers and 123 freighters) at the end of the third quarter of 2024.

Total operating expenses decreased 5.7% to $449.57 million. Adjusted EBITDA fell 5.2% year over year to $129.45 million.

ATSG ended the third quarter with cash, cash equivalents and restricted cash of $44.87 million compared with $28.71 million at the prior-quarter end. As of Sept. 30, 2024, the company had long-term debt of $1.56 billion compared with $1.57 billion at the end of the prior quarter.

ATSG generated $135.55 million of cash from operating activities. Adjusted free cash flow was $117.35 million.

Currently, ATSG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performances of Other Transportation Companies

Delta Air Lines DALreported third-quarter 2024 earnings (excluding 47 cents from non-recurring items) of $1.50 per share, which fell short of the Zacks Consensus Estimate of $1.56. Earnings decreased 26.11% on a year-over-year basis due to high labor costs.

DAL’s revenues of $15.68 billion surpassed the Zacks Consensus Estimate of $15.37 billion and increased 1.2% on a year-over-year basis, driven by strong air travel demand. Adjusted operating revenues (excluding third-party refinery sales) totaled $14.59 billion, flat year over year.

J.B. Hunt Transport Services, Inc.’sJBHT third-quarter 2024 earnings of $1.49 per share outpaced the Zacks Consensus Estimate of $1.42 but declined 17.2% year over year.

JBHT’s total operating revenues of $3.07 billion surpassed the Zacks Consensus Estimate of $3.04 billion but fell 3% year over year. The downfall was caused by 5% and 6% decreases in gross revenue per load in Intermodal (JBI) and Truckload, respectively; declines in load volume of 10% and 6% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services, respectively; and 6% fewer stops in Final Mile Services. These were partially offset by JBI load growth of 5%, which included growth in the transcontinental and eastern networks and a 3% increase in revenue per load in ICS. JBHT’s total operating revenues, excluding fuel surcharge revenues, decreased less than 1% from the year-ago quarter.

United Airlines Holdings, Inc. UAL posted third-quarter 2024 EPS (excluding 43 cents from non-recurring items) of $3.33, which surpassed the Zacks Consensus Estimate of $3.10. Earnings decreased 8.8% on a year-over-year basis.

UAL’s operating revenues of $14.84 billion beat the Zacks Consensus Estimate of $14.76 billion. The top line increased 2.5% year over year due to upbeat air travel demand. This was driven by a 1.6% rise in passenger revenues (accounting for 91.3% of the top line) to $13.56 billion. Almost 45,559 passengers traveled on UAL flights in the third quarter, up 2.7% year over year.

Zacks Investment Research

American Airlines AAL is one of the cheaper stocks in the broader Zacks Transportation - Airline industry with a Value Score of A.

AAL stock is trading at a discount with a forward 12-month Price/Sales of 0.16X compared with the industry’s 1.15X.

AAL is cheaper than Delta Air Lines DAL and United Airlines UAL. AAL’s cheap valuation is attractive for investors. However, is it worth buying at current prices?

Let’s dig deeper to find out.

AAL’s Strong Q3 Results & Bullish Guidance

Last month, American Airlines reported better-than-expected earnings per share and revenues, driven by strong air travel demand. American Airlines’ third-quarter 2024 earnings (excluding 53 cents from non-recurring items) of 30 cents per share beat the Zacks Consensus Estimate of 13 cents.

Operating revenues of $13.65 billion surpassed the Zacks Consensus Estimate of $13.49 billion and increased 1.2% year over year. The airline lifted its earnings per share forecast for 2024, citing improved pricing power as the industry cut down excess capacity in the domestic market. AAL’s management now expects current-year adjusted earnings per share in the $1.35-$1.60 range (earlier expectation was in the range of 70 cents-$1.30).

Trump's Re-election: A Positive for AAL

The anticipation of a more relaxed regulatory environment under Trump's leadership will likely lead to lesser scrutiny, which is expected to boost mergers and acquisitions in the industry. This is a positive for airline stocks, including AAL.

We note that during Trump’s first tenure as the U.S. President, the Department of Justice was less aggressive in challenging airline mergers and consolidations compared with the Biden administration. The deregulation policies evident during Trump’s first shot at the U.S. presidency were in line with the demands made by airline executives for reduced oversight and greater business flexibility.

Owing to Trump’s business-friendly stance, the Northeast Alliance between American Airlines and JetBlue Airways JBLU might return. We remind investors that in 2023, a federal judge agreed with the U.S. Justice Department that the alliance resulted in higher prices for consumers. Consequently, both companies were ordered to part ways and end the alliance.

JBLU and AAL appealed against the ruling but a few days ago, a United States Appeals Court judge did not overturn the previous ruling. AAL is reportedly reviewing the ruling and considering options. AAL might be hoping that once Trump assumes office, the alliance is likely to be revived, given the expectations of a more relaxed regulatory atmosphere under his leadership.

Favorable Readings for AAL Stock

Driven by upbeat air-travel demand, low fuel costs and the optimism following Trump’s re-election, AAL shares have performed better than its industry over the past three months.

Three-Month Price Comparison

Danaos Corporation DAC is scheduled to release third-quarter 2024 results on Nov. 12 before market open.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Danaos has a discouraging earnings surprise history, having missed the Zacks Consensus Estimate in each of the trailing four quarters. The average miss is 6.3%.

The Zacks Consensus Estimate for DAC’s soon-to-be-reported quarter’s earnings has been revised downward by 3.4% in the past 60 days to $6.86 per share.

We expect Danaos' performance in the to-be-reported quarter to be affected by continued market disruptions driven by challenges in the Red Sea and the Ukraine war. Higher charter rates are expected to have boosted the top line. The Zacks Consensus Estimate for revenues is pegged at $251.16 million, which indicates growth of 5% from the year-ago levels.

We expect Danaos’ third-quarter bottom-line performance to have been hurt by higher vessel operating expenses due to the increase in the average number of vessels in its fleet and an uptick in the average daily operating cost for vessels.

However, increased fleet utilization is expected to have contributed to the company’s prospects in the to-be-reported quarter.

United Airlines Holdings Inc Price and EPS Surprise

United Airlines Holdings Inc price-eps-surprise | United Airlines Holdings Inc Quote

What Our Model Says About DAC

Our proven model does not conclusively predict an earnings beat for Danaos this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.

DAC has an Earnings ESP of 0.00% and a Zacks Rank #4 (Sell) at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Highlights of DAC’s Q2 Results

Danaos came out with quarterly earnings of $6.78 per share, missing the Zacks Consensus Estimate of $7.04 per share. This compares to earnings of $7.14 per share a year ago. These figures are adjusted for non-recurring items.

Revenues of $246.3 million beat the Zacks Consensus Estimate by 3.1%. This compares to the year-ago revenues of $241.48 million.

Q3 Performances of Other Transportation Companies

Delta Air Lines DAL reported third-quarter 2024 earnings (excluding 47 cents from non-recurring items) of $1.50 per share, which fell short of the Zacks Consensus Estimate of $1.56. Earnings decreased 26.11% on a year-over-year basis due to high labor costs.

Revenues of $15.68 billion surpassed the Zacks Consensus Estimate of $15.37 billion and increased 1.2% on a year-over-year basis, driven by strong air travel demand. Adjusted operating revenues (excluding third-party refinery sales) totaled $14.59 billion, flat year over year. This included the $380 million impact of the outage caused by CrowdStrike (CRWD).

Norfolk Southern Corporation’s NSC third-quarter 2024 earnings (excluding $1.6 from non-recurring items) of $3.25 per share beat the Zacks Consensus Estimate of $3.10 and increased 22.6% year over year due to lower costs.

Railway operating revenues were $3.05 billion in the quarter under review, lagging the Zacks Consensus Estimate of $3.09 billion. However, the top line increased 2.7% year over year, with the Merchandise and Intermodal segments registering an improvement in revenues.

J.B. Hunt Transport Services’ JBHT third-quarter 2024 earnings of $1.49 per share outpaced the Zacks Consensus Estimate of $1.42 but declined 17.2% year over year.

Total operating revenues of $3.07 billion surpassed the Zacks Consensus Estimate of $3.04 billion but fell 3% year over year. The operating income for the September quarter decreased 7% year over year to $224.1 million.

Zacks Investment Research

Ryanair Holdings plc (RYAAY) reported disappointing second-quarter fiscal 2025 (ended Sept. 30, 2024) results wherein both earnings and revenues lagged the Zacks Consensus Estimate. Quarterly earnings per share (EPS) of $2.82 lagged the Zacks Consensus Estimate of $2.92 and declined year over year.

Find the latest EPS estimates and surprises on ZacksEarnings Calendar.

Revenues of $5.56 billion missed the Zacks Consensus Estimate of $5.59 billion. However, the top line improved year over year.

RYAAY’s profit after tax of €1.43 billion decreased 6% year over year. Traffic grew 9% year over year, despite multiple Boeing delivery delays.

Ryanair Holdings PLC Price, Consensus and EPS Surprise

Ryanair Holdings PLC price-consensus-eps-surprise-chart | Ryanair Holdings PLC Quote

Load factor came in at 95% in the reported quarter. Average fares were down 7%.

Operating costs grew 6% year over year to €3.42 billion, owing to higher staff and other costs, which was in part due to Boeing delivery delays. This was partially offset by fuel hedge savings.

Ryanair expects its traffic view for fiscal 2025 to grow 8%, subject to no worsening of current Boeing delivery delays.

RYAAY’s Zacks Rank

Currently, Ryanair sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Performances of Other Transportation Companies

Delta Air Lines DALreported third-quarter 2024 earnings (excluding 47 cents from non-recurring items) of $1.50 per share, which fell short of the Zacks Consensus Estimate of $1.56. Earnings decreased 26.11% on a year-over-year basis due to high labor costs.

DAL’s revenues of $15.68 billion surpassed the Zacks Consensus Estimate of $15.37 billion and increased 1.2% on a year-over-year basis, driven by strong air travel demand. Adjusted operating revenues (excluding third-party refinery sales) totaled $14.59 billion, flat year over year.

J.B. Hunt Transport Services, Inc.’sJBHT third-quarter 2024 earnings of $1.49 per share outpaced the Zacks Consensus Estimate of $1.42 but declined 17.2% year over year.

JBHT’s total operating revenues of $3.07 billionsurpassed the Zacks Consensus Estimate of $3.04 billion but fell 3% year over year. The downfall was caused by 5% and 6% decreases in gross revenue per load in Intermodal (JBI) and Truckload, respectively; declines in load volume of 10% and 6% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services, respectively; and 6% fewer stops in Final Mile Services. These were partially offset by JBI load growth of 5%, which included growth in the transcontinental and eastern networks and a 3% increase in revenue per load in ICS. JBHT’s total operating revenues, excluding fuel surcharge revenues, decreased less than 1% from the year-ago quarter.

United Airlines Holdings, Inc. UAL posted third-quarter 2024 EPS (excluding 43 cents from non-recurring items) of $3.33, which surpassed the Zacks Consensus Estimate of $3.10. Earnings decreased 8.8% on a year-over-year basis.

UAL’s operating revenues of $14.84 billion beat the Zacks Consensus Estimate of $14.76 billion. The top line increased 2.5% year over year due to upbeat air travel demand. This was driven by a 1.6% rise in passenger revenues (accounting for 91.3% of the top line) to $13.56 billion. Almost 45,559 passengers traveled on UAL flights in the third quarter, up 2.7% year over year.

Zacks Investment Research