Okeanis Eco Tankers Corp. (ECO) plummeted 5.11% in pre-market trading on Thursday, despite the company declaring a quarterly dividend of $0.35 per share. The sharp sell-off came as the tanker operator reported lower revenues and profits for the fourth quarter of 2024, disappointing investors.
For Q4 2024, ECO reported revenues of $85.2 million, down from $91.7 million in the same period last year. Net profit also declined to $13.2 million from $21.3 million in Q4 2023, while earnings per share fell to $0.41 from $0.66 a year ago.
While the dividend payout may have provided some support, ECO's weaker Q4 2024 financial performance appears to have overshadowed the dividend announcement, triggering a sell-off in the stock. Investors seem disappointed by the year-over-year declines in revenues, profits and earnings, despite the company's efforts to return cash to shareholders.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.