Eagle Bulk Shipping (NASDAQ:EGLE) late Wednesday reported third-quarter earnings of $15.5 million, or 37 cents per share, beating the 35 cent-a-share mean estimate of analysts polled by Thomson Financial.
Revenue rose 20% to $34 million. Wall Street's consensus view was for revenue of $34.5 million.
In the same period a year earlier, the company earned $9.1 million, or 25 cents a share, on revenue of $28 million.
The New York ocean transportation services company said results were boosted operational strength from the existing fleet and its acquisition of 26 new vessels.
Eagle said it expects revenue upside from 31 new vessels it will acquire over four years and 20 profit-sharing charters and 15 open vessel charters through 2008.
The company declared a 50 cent-a-share cash dividend payable on Nov. 28 with a record date of Nov. 21.
The stock closed Wednesday at $28.25, down 9%.
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Revenue rose 20% to $34 million. Wall Street's consensus view was for revenue of $34.5 million.
In the same period a year earlier, the company earned $9.1 million, or 25 cents a share, on revenue of $28 million.
The New York ocean transportation services company said results were boosted operational strength from the existing fleet and its acquisition of 26 new vessels.
Eagle said it expects revenue upside from 31 new vessels it will acquire over four years and 20 profit-sharing charters and 15 open vessel charters through 2008.
The company declared a 50 cent-a-share cash dividend payable on Nov. 28 with a record date of Nov. 21.
The stock closed Wednesday at $28.25, down 9%.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.