This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Eagle Bulk Shipping Profit Meets Estimates

Updated from 5:32 p.m. EST

Eagle Bulk Shipping (EGLE - Get Report) capped off a rocky year Monday with fourth-quarter earnings that met analysts' expectations.

Eagle Bulk said that for the quarter ended Dec. 31, 2008, its net income excluding non-cash charges was $15.1 million, or 32 cents a share, which was in line with analysts' expectations. Net income for the same period in 2007 was $16.3 million, or 35 cents per share.

Fourth-quarter revenue was $62.4 million, up from $38 million from the year-ago period. Analysts had expected revenue of $58.1 million.

For fiscal 2008, the firm's net income was $67.6 million, or $1.44 per share, after adjusting for one-time write-offs of deferred financing and other costs. This compares with net income of $52,243,981 or $1.24 per share, based on a weighted average of 42,195,561 diluted shares outstanding for fiscal 2007.

It's been a volatile year for Eagle Bulk and other shippers including Diana Shipping (DSX - Get Report), Excel Maritime (EXM - Get Report), DryShips (DRYS - Get Report) and Genco (GNK - Get Report). The stock, which closed down 16.2% to $3.15, was up 11.1% in after-hours trading, but still leagues below its 52-week high of $36.24.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
GNK $0.00 0.00%
EXM $0.00 0.00%
EGLE $8.53 1.80%
DSX $6.24 -0.16%
DRYS $0.69 0.33%

Markets

DOW 18,105.33 +81.27 0.45%
S&P 500 2,117.06 +8.77 0.42%
NASDAQ 5,028.0230 +22.6320 0.45%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs