Pangaea Logistics Solutions Ltd. Q4 Profit Increases, beats estimates

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) revealed a profit for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $15.15 million, or $0.34 per share. This compares with $7.59 million, or $0.17 per share, in last year's fourth quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $24.93 million or $0.56 per share for the period.

Analysts on average had expected the company to earn $0.53 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 107.9% to $234.56 million from $112.85 million last year.

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

-Earnings (Q4): $15.15 Mln. vs. $7.59 Mln. last year. -EPS (Q4): $0.34 vs. $0.17 last year. -Analyst Estimate: $0.53 -Revenue (Q4): $234.56 Mln vs. $112.85 Mln last year.