DS Norden Trims Top of Guidance, Starts Share Buyback of $40 Million

• (PLX AI) - Norden Outlook FY adjusted net income USD 150-200 million compared to USD 140-220 million previously.
• • Q3 EBIT USD 78.3 million vs. estimate USD 89 million
• • Q3 adjusted net income USD 51.6 million
• • Norden starts share buyback up to $40 million
• • Expecting a strong Q4 result in Dry Operator having neutralised its position ahead of recent spot market declines
• • Sacrificing short-term operating earnings by adding T/C capacity in Tanker Operator and selling Dry Cargo vessels to capture value increases