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Eagle Bulk Shipping Profit Meets Estimates

Stocks in this article: EGLE

Updated from 5:32 p.m. EST

Eagle Bulk Shipping (EGLE) 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), Excel Maritime (EXM), DryShips (DRYS) and Genco (GNK). 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.

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