Pangaea Logistics Solutions Ltd. Q2 Profit Decreases, misses estimates

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) announced earnings for second quarter that decreased from last year and missed the Street estimates.

The company's bottom line totaled $2.84 million, or $0.06 per share. This compares with $25.03 million, or $0.56 per share, in last year's second quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $4.62 million or $0.10 per share for the period.

Analysts on average had expected the company to earn $0.12 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 3.8% to $188.08 million from $195.54 million last year.

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

-Earnings (Q2): $2.84 Mln. vs. $25.03 Mln. last year. -EPS (Q2): $0.06 vs. $0.56 last year. -Analyst Estimates: $0.12 -Revenue (Q2): $188.08 Mln vs. $195.54 Mln last year.