Frontline Stock Gains Post Q4 Results; Registers 22% Revenue Growth - Frontline (NYSE:FRO)

Frontline Ltd FRO reported a fourth-quarter operating revenue increase of 22% year-over-year to $213.55 million.
Total operating expenses increased 11.5% Y/Y to $199.6 million.
Net operating income increased to $18.43 million, from $2.86 million a year ago. The margin expanded by 700 bps to 8.6%.
Adjusted EPS loss improved to $(0.02) from $(0.10) in 4Q20, missing the consensus of $0.13.
Reported spot TCEs for VLCCs, Suezmax tankers, and LR2 tankers in Q4 were $16,500, $14,200, and $13,900 per day, respectively.
As of December 31, 2021, the fleet consisted of 70 vessels with ~12.7 million DWT aggregate capacity.
Net cash provided by operating activities totaled $62.93 million for FY21, compared to $604.06 million a year ago.
Frontline held over $115 million in cash and equivalents.
1Q22 Outlook: The company estimates spot TCE on a load-to discharge basis of $21,300 contract for 58% of vessel days for VLCCs, $19,600 contract for 65% of vessel days for Suezmax tankers, and $18,800 contract for 56% of vessel days for LR2 tankers.
Price Action: FRO shares are trading higher by 7.40% at $8.27 on the last check Thursday.