Star Bulk Carriers Swings To Profit Amid Lower Revenue; Stock Up 9%

(RTTNews) - Greece-based shipping company Star Bulk Carriers Corp. (SBLK) Wednesday reported fourth-quarter net earnings of $54 thousand or $0.002 per share compared with net loss of $1.4 million or $0.26 per share last year.

Results were mainly helped by lower voyage expenses.

Excluding items, adjusted earnings for the quarter were $2 million or $0.07 per share compared with earnings of $289 thousand or $0.05 per share a year ago.

Revenues for the quarter were lower at $16.3 million compared with $18 million in the prior year, hurt by lower chart rates for some vessels.

Analysts polled by Thomson Reuters estimated earnings of $0.04 per share on revenues of $18 million for the quarter. Analysts' estimates typically exclude special items.