Eagle Bulk Shipping Inc (NASDAQ:EGLE) rallied Wednesday after reporting better-than-expected fourth-quarter results.
The owner of one of the largest fleets of Supramax/Ultramax dry bulk vessels reported revenue of $86.7 million, up from $74.6 million a year earlier. It reportedly beat the consensus estimate of analysts by about $22 million.
Shares of the Stamford, Connecticut-based company climbed 3.1% to $4.98 in Wednesday’s premarket trading.
Net income of $6.5 million, or $0.09 per share, compared with a net loss of $16.6 million, or $0.24 per share, a year earlier.
Time charter equivalent revenue was $51.8 million, up 15% from a year earlier. It is calculated by subtracting voyage expense from voyage revenue and dividing the result by days of voyage duration.
“The fourth quarter represents the eighth consecutive quarter where we have outperformed the benchmark Baltic Supramax Index,” CEO Gary Vogel said in a statement late Tuesday.
He added that the company continues to renew its fleet, having acquired a 2015-built Ultramax and sold two 18-year-old vessels.
Contact Dennis Fitzgerald at [email protected]