Shipping company Star Bulk Carriers Corp. said Tuesday that second quarter profit surged from the year-ago period, helped by a rise in voyage revenues. The Athens, Greece-based company said second quarter net income increased to $31.57 million or $0.56 per share from $0.58 million or $0.02 per share reported in the same period last year. On average, five analysts polled by First Call/Thomson Financial expected earnings of $0.33 per share for the quarter.
Voyage revenues for the quarter were $59.23 million, including revenues of $17.05 million attributable to the amortization of the fair value of below/above market acquired time charters. Analysts expected revenues of $49.34 million for the second quarter.
The company reported net income of $48.29 million or $0.91 per share for the first half of 2008, which increased from $0.85 million or $0.03 per share reported for the first half of 2007. Voyage and time charter revenues for the period were $100.92 million, including revenues of $34.92 million attributable to the amortization of the fair value of below/above market acquired time charters.
The company also revealed that net income for the first quarter is now adjusted from previously reported $17.8 million to $16.7 million, while earnings per share are adjusted from previously reported $0.40 to $0.37. The restatement was done to accommodate the issuance of shares to TMT Co. Ltd. in connection with the acquisition of certain vessels.
The company commenced operations during the fourth quarter of 2007.
SBLK closed Tuesday's regular trade at $9.86, up 22 cents, on 429,807 shares. The stock gained $0.14 in the post-close trade.
Voyage revenues for the quarter were $59.23 million, including revenues of $17.05 million attributable to the amortization of the fair value of below/above market acquired time charters. Analysts expected revenues of $49.34 million for the second quarter.
The company reported net income of $48.29 million or $0.91 per share for the first half of 2008, which increased from $0.85 million or $0.03 per share reported for the first half of 2007. Voyage and time charter revenues for the period were $100.92 million, including revenues of $34.92 million attributable to the amortization of the fair value of below/above market acquired time charters.
The company also revealed that net income for the first quarter is now adjusted from previously reported $17.8 million to $16.7 million, while earnings per share are adjusted from previously reported $0.40 to $0.37. The restatement was done to accommodate the issuance of shares to TMT Co. Ltd. in connection with the acquisition of certain vessels.
The company commenced operations during the fourth quarter of 2007.
SBLK closed Tuesday's regular trade at $9.86, up 22 cents, on 429,807 shares. The stock gained $0.14 in the post-close trade.