fourth-quarter profit dropped 46% from a year earlier amid an increase in charter expenses and several charges.
The energy transportation services provider earned $113.7 million, or $2.88 a share, in the quarter, compared with $211.1 million, or $5.35 a share, a year ago. Adjusted for certain items, the company earned $2.79 a share in the most recent quarter. Analysts surveyed by Thomson First Call were expecting earnings of $3.63 a share.
Fourth-quarter time-charter equivalent revenue fell to $271.12 million from $275.7 million. Analysts had forecast revenue of $274 million in the quarter.
Overseas Shipholding also said it plans to increase its quarterly dividend to 25 cents a share from 17.5 cents.
The company's shares recently were down $1.55, or 3%, to $49.35.
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