Pangaea Logistics Solutions Ltd. Q3 Profit Decreases, misses estimates

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

The company's earnings totaled $18.79 million, or $0.42 per share. This compares with $27.00 million, or $0.60 per share, in last year's third quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $23.30 million or $0.52 per share for the period.

Analysts on average had expected the company to earn $0.56 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 13.4% to $184.48 million from $213.03 million last year.

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

-Earnings (Q3): $18.79 Mln. vs. $27.00 Mln. last year. -EPS (Q3): $0.42 vs. $0.60 last year. -Analyst Estimates: $0.56 -Revenue (Q3): $184.48 Mln vs. $213.03 Mln last year.