Torm PLC (NASDAQ:TRMD) saw its stock soar by 10.12% in the pre-market session on Thursday, following the release of its second-quarter earnings report that significantly beat analyst expectations on sales.
The shipping company reported quarterly earnings per share (EPS) of $0.58, slightly surpassing the analyst consensus estimate of $0.57. However, it was the company's sales figures that truly impressed investors. Torm reported quarterly sales of $315.20 million, dramatically outperforming the analyst consensus estimate of $208.19 million by 51.40%.
Despite the positive market reaction, it's worth noting that Torm's Q2 results represent a year-over-year decline. The reported EPS of $0.58 marks a 71.29% decrease from the $2.02 per share earned in the same period last year. Similarly, sales of $315.20 million reflect a 27.99% decrease from $437.70 million in the prior year's quarter. Nevertheless, the company's ability to exceed market expectations in a challenging environment appears to have boosted investor confidence, driving the significant stock price increase.
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