Pangaea Logistics Solutions Ltd. Q3 Profit Decreases, Misses Estimates

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

The company's earnings totaled $5.11 million, or $0.11 per share. This compares with $18.87 million, or $0.42 per share, in last year's third quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $11.07 million or $0.24 per share for the period.

Analysts on average had expected the company to earn $0.27 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 12.9% to $153.12 million from $135.62 million last year.

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

-Earnings (Q3): $5.11 Mln. vs. $18.87 Mln. last year. -EPS (Q3): $0.11 vs. $0.42 last year. -Revenue (Q3): $153.12 Mln vs. $135.62 Mln last year.