Star Bulk Carriers Corp.'s (SBLK) first-quarter profit was up 34% as the Greek shipping company reported higher revenue due amid growth in its fleet.
But shares dropped 6% to $5.05 in recent after-hours trading, as the company's results missed Wall Street's estimates.
The dry-bulk sector has been hurt by the drop in worldwide output and shipping. But some in the industry say a turnaround is on the horizon, with analysts at Dalman Rose & Co. saying a sustainable recovery in dry-bulk shipping may be underway after last year's huge drop.
Some signs of recovery have been shown by Star Bulk's rivals, including DryShips Inc. (DRYS), Excel Maritime Carriers Ltd. (EXM) and Safe Bulkers Inc. (SB), which each posted better-than-expected first-quarter results.
The global shipping company reported earnings of $22.5 million, or 37 cents a share, up from $16.7 million, or 34 cents a share, a year earlier. Excluding noncash items, earnings were 16 cents a share.
Total revenue climbed 8.2% to $45.1 million, boosted by a larger operating fleet which helped offset lower charter rates. The company operated an average of 12 fleets in the latest quarter, up from 8.1 a year ago.
Analysts polled by Thomson Reuters expected per-share earnings of 25 cents on revenue of $54 million.
Star Bulk, which was incorporated in 2006, provides sea-borne transportation in the dry bulk sector. The company transports iron ore, coal, grain and minor bulks such as steel products.
But shares dropped 6% to $5.05 in recent after-hours trading, as the company's results missed Wall Street's estimates.
The dry-bulk sector has been hurt by the drop in worldwide output and shipping. But some in the industry say a turnaround is on the horizon, with analysts at Dalman Rose & Co. saying a sustainable recovery in dry-bulk shipping may be underway after last year's huge drop.
Some signs of recovery have been shown by Star Bulk's rivals, including DryShips Inc. (DRYS), Excel Maritime Carriers Ltd. (EXM) and Safe Bulkers Inc. (SB), which each posted better-than-expected first-quarter results.
The global shipping company reported earnings of $22.5 million, or 37 cents a share, up from $16.7 million, or 34 cents a share, a year earlier. Excluding noncash items, earnings were 16 cents a share.
Total revenue climbed 8.2% to $45.1 million, boosted by a larger operating fleet which helped offset lower charter rates. The company operated an average of 12 fleets in the latest quarter, up from 8.1 a year ago.
Analysts polled by Thomson Reuters expected per-share earnings of 25 cents on revenue of $54 million.
Star Bulk, which was incorporated in 2006, provides sea-borne transportation in the dry bulk sector. The company transports iron ore, coal, grain and minor bulks such as steel products.