Pangaea Logistics Solutions Ltd. Q1 Profit Decreases, but beats estimates

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $3.47 million, or $0.08 per share. This compares with $20.17 million, or $0.45 per share, in last year's first quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $5.07 million or $0.10 per share for the period.

Analysts on average had expected the company to earn $0.06 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 40.7% to $113.67 million from $191.76 million last year.

Pangaea Logistics Solutions Ltd. earnings at a glance (GAAP) :

-Earnings (Q1): $3.47 Mln. vs. $20.17 Mln. last year. -EPS (Q1): $0.08 vs. $0.45 last year. -Analyst Estimates: $0.06 -Revenue (Q1): $113.67 Mln vs. $191.76 Mln last year.