Frontline plc (FRO) shares fell 3.47 percent to $37.10, down $1.33 on Friday, despite the tanker shipping company reporting sharply higher first-quarter earnings driven by strong tanker market conditions and disruptions in Middle East crude trade routes.
The stock is currently trading at $37.10, compared with a previous close of $38.43 on the New York Stock Exchange. It opened at $37.64 and traded lower during the session despite the earnings beat and dividend announcement.
Frontline plc reported first-quarter net income of $559.12 million, compared with $33.29 million a year earlier. Earnings per share rose to $2.51 from $0.15 in the prior-year quarter.
Adjusted profit increased to $344.92 million from $40.38 million last year, while adjusted earnings per share climbed to $1.55 from $0.18. Revenue and other operating income rose to $929.33 million from $428.09 million a year earlier.
The company also declared a quarterly dividend of $1.55 per share. The record date is June 12, with payment expected on or about June 23.
Frontline shares have traded between $13.00 and $39.75 over the past 52 weeks.
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