Pangaea Logistics Solutions Ltd. (PANL) reported a rise in earnings for its first quarter, outperforming market expectations.
The firm disclosed an increase in its earnings to $11.67 million, equivalent to $0.25 per share. This shows a significant growth from the first quarter of the previous year, which stood at $3.47 million or $0.08 per share.
When considering specific items, Pangaea Logistics Solutions Ltd. reported an adjusted earning of $6.59 million or $0.14 per share for the same period.
Market analysts had anticipated the company's earnings to average at $0.13 per share, based on data collated by Thomson Reuters. These approximations customarily exclude extraordinary items.
However, the firm's revenue for the quarter showed a decrease of 7.9%, plummeting to $104.75 million from the $113.70 million reported in the previous year.
Providing a snapshot of Pangaea Logistics Solutions Ltd.'s earnings (GAAP):
- Earnings for Q1 stood at $11.67 million, as compared to the $3.47 million in the last year.
- Earnings per share (EPS) for Q1 were $0.25, an increase from $0.08 in the previous year.
- Revenue for Q1 reached $104.75 million, declinal from $113.70 million in the last year.