Shares of New York-listed wind player Eneti jumped out of the gate on Thursday morning with a 12% gain in early trading after the company crushed analyst estimates for fourth-quarter 2022 earnings.

The stock hit a peak of $11.20 – also a 52-week high – after the Scorpio Group-backed owner of wind turbine installation vessels (WTIVs) announced a profit of $0.32 per share, trumping Wall Street estimates of a $0.18 loss.

Beating expectations

Stifel analyst Ben Nolan said the earnings beat was almost entirely down to better than expected utlisation figures on the 23,500-gt Scylla (built 2015) and 9,700-gt Zaratan (built 2012).