Pangaea Logistics Solutions Ltd. Q2 Profit Increases, But Misses Estimates

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) released a profit for its second quarter that increased from the same period last year but missed the Street estimates.

The company's bottom line totaled $3.68 million, or $0.08 per share. This compares with $2.84 million, or $0.06 per share, in last year's second quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $4.61 million or $0.10 per share for the period.

Analysts on average had expected the company to earn $0.15 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 11.4% to $131.50 million from $118.08 million last year.

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

-Earnings (Q2): $3.68 Mln. vs. $2.84 Mln. last year. -EPS (Q2): $0.08 vs. $0.06 last year. -Revenue (Q2): $131.50 Mln vs. $118.08 Mln last year.