Pangaea Logistics Solutions Ltd. (PANL) has announced its third-quarter earnings, revealing a decline compared to the same period last year and falling short of Wall Street projections.
The company reported earnings of $5.11 million, or $0.11 per share, markedly down from the $18.87 million, or $0.42 per share, reported in last year’s third quarter. After adjusting for certain items, Pangaea Logistics Solutions Ltd. recorded earnings of $11.07 million, or $0.24 per share.
On average, analysts anticipated earnings of $0.27 per share, as determined by Thomson Reuters' aggregated data. Typically, analysts' forecasts do not factor in special items.
Despite the earnings decrease, Pangaea Logistics Solutions Ltd. experienced a 12.9% increase in revenue, reporting $153.12 million for the quarter, up from $135.62 million in the previous year.
To summarize Pangaea Logistics Solutions Ltd.'s third-quarter results under GAAP:
- Earnings: $5.11 million, compared to $18.87 million in the previous year.
- Earnings Per Share (EPS): $0.11, compared to $0.42 last year.
- Revenue: $153.12 million, up from $135.62 million last year.
