Eagle Bulk Shipping Q2 net income down to $13.3 million
Eagle Bulk Shipping Inc posted lower quarterly earnings as higher expenses offset the increase in revenue from a larger fleet.
Net income for the second quarter was $13.3 million, or 26 cents a share, compared with $14.9 million, or 32 cents a share, in the same quarter last year. Net revenue rose 42 percent to $53.0 million.
Analysts, on average, were expecting earnings of 26 a share, before special items, on revenue of $52.2 million, according to Reuters Estimates.
The company had 25 vessels in its operating fleet during the quarter, compared with 20 vessels in the year-go quarter.
Total operating expenses rose 67 percent to $32.9 million.
Shares of the company were down about 2 percent at $5.95 in trading after the bell. They closed at $6.07 Wednesday on Nasdaq.
Net income for the second quarter was $13.3 million, or 26 cents a share, compared with $14.9 million, or 32 cents a share, in the same quarter last year. Net revenue rose 42 percent to $53.0 million.
Analysts, on average, were expecting earnings of 26 a share, before special items, on revenue of $52.2 million, according to Reuters Estimates.
The company had 25 vessels in its operating fleet during the quarter, compared with 20 vessels in the year-go quarter.
Total operating expenses rose 67 percent to $32.9 million.
Shares of the company were down about 2 percent at $5.95 in trading after the bell. They closed at $6.07 Wednesday on Nasdaq.