Pangaea Logistics Solutions Ltd. Q1 Profit Increases, beats estimates

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

The company's bottom line came in at $20.17 million, or $0.45 per share. This compares with $5.85 million, or $0.13 per share, in last year's first quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $15.68 million or $0.35 per share for the period.

Analysts on average had expected the company to earn $0.32 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 53.4% to $191.76 million from $124.97 million last year.

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

-Earnings (Q1): $20.17 Mln. vs. $5.85 Mln. last year. -EPS (Q1): $0.45 vs. $0.13 last year. -Analyst Estimate: $0.32 -Revenue (Q1): $191.76 Mln vs. $124.97 Mln last year.