Scorpio Tankers Inc. more than doubled third-quarter net income to $224.3 million as vessel-sale gains lifted reported earnings, while adjusted profit and tanker revenue also rose year over year.
The company reported diluted earnings per share of $4.60 under International Financial Reporting Standards (IFRS), up from $1.73 in the same quarter last year. A $152.6 million gain from vessel sales was included in the results.
After excluding that gain and a $55.6 million fair-value loss on financial liabilities, adjusted net income was $127.4 million, or $2.49 per diluted share.
Vessel revenue totaled $266.5 million, compared with $241.4 million a year earlier. Time charter equivalent (TCE) revenue, a non-IFRS measure calculated as vessel revenue less voyage expenses, rose 6.9% to $249.1 million from $232.9 million.
The company linked late-quarter performance to demand, refining margins and seaborne volumes. It said the Middle East conflict prolonged product voyages and changed fleet deployment.
The board declared a quarterly dividend of $0.75 per share, payable Dec. 4 to shareholders of record Nov. 13.
