Pangaea Logistics Solutions Ltd. Q3 adjusted earnings Miss Estimates

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) released a profit for its third quarter that rose from last year.

The company's earnings came in at $27.00 million, or $0.60 per share. This compares with $7.55 million, or $0.17 per share, in last year's third quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $21.65 million or $0.48 per share for the period.

Analysts had expected the company to earn $0.50 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 105.3% to $213.03 million from $103.77 million last year.

Pangaea Logistics Solutions Ltd. earnings at a glance:

-Earnings (Q3): $21.65 Mln. vs. $8.06 Mln. last year. -EPS (Q3): $0.48 vs. $0.19 last year. -Analysts Estimate: $0.50 -Revenue (Q3): $213.03 Mln vs. $103.77 Mln last year.