Pangaea Logistics Solutions Ltd. Reports 84% Retreat In Q1 Bottom Line

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) reported earnings for first quarter that retreated compared to the same period last year.

The company said its profit dropped to $1.20 million, or $0.03 per share. This was down from $7.60 million, or $0.22 per share, in last year's first quarter.

The company said revenue for the quarter fell 53.8% to $43.94 million. This was down from $95.12 million last year.

Pangaea Logistics Solutions Ltd. earnings at a glance:

-Earnings (Q1): $1.20 Mln. vs. $7.60 Mln. last year. -Earnings Decline (Y-o-Y): -84.2% -EPS (Q1): $0.03 vs. $0.22 last year. -EPS Decline (Y-o-Y): -86.4% -Revenue (Q1): $43.94 Mln vs. $95.12 Mln last year. -Revenue Change (Y-o-Y): -53.8%