Safe Bulkers, Inc. (NYSE:SB) just released its latest first-quarter results and things are looking bullish. It was a solid earnings report, with revenues and statutory earnings per share (EPS) both coming in strong. Revenues were 19% higher than the analysts had forecast, at US$78m, while EPS were US$0.20 beating analyst models by 90%. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on Safe Bulkers after the latest results.

Taking into account the latest results, the consensus forecast from Safe Bulkers' two analysts is for revenues of US$304.8m in 2026. This reflects a reasonable 6.7% improvement in revenue compared to the last 12 months. Per-share earnings are expected to leap 121% to US$0.99. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$293.1m and earnings per share (EPS) of US$0.81 in 2026. So it seems there's been a definite increase in optimism about Safe Bulkers' future following the latest results, with a massive increase in the earnings per share forecasts in particular.

With these upgrades, we're not surprised to see that the analysts have lifted their price target 7.0% to US$7.38per share.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. One thing stands out from these estimates, which is that Safe Bulkers is forecast to grow faster in the future than it has in the past, with revenues expected to display 9.0% annualised growth until the end of 2026. If achieved, this would be a much better result than the 0.8% annual decline over the past five years. Compare this against analyst estimates for the broader industry, which suggest that (in aggregate) industry revenues are expected to grow 3.2% annually. Not only are Safe Bulkers' revenues expected to improve, it seems that the analysts are also expecting it to grow faster than the wider industry.

The Bottom Line

The biggest takeaway for us is the consensus earnings per share upgrade, which suggests a clear improvement in sentiment around Safe Bulkers' earnings potential next year. Pleasantly, they also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow faster than the wider industry. There was also a nice increase in the price target, with the analysts clearly feeling that the intrinsic value of the business is improving.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. At least one analyst has provided forecasts out to 2028, which can be seen for free on our platform here.

You should always think about risks though.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.