PIRAEUS, Greece (TheStreet) -- Investors sold off shares of Navios Maritime Holdings (NM) - Get Navios Maritime Holdings Inc. Report after the dry-bulk shipping company fell short of analysts' earnings expectations Tuesday.
The stock was trading Tuesday morning down 7.6% to $5.95 on heavier-than-average volume.
Before the opening bell, Navios reported earnings of 11 cents a share, missing the Wall Street consensus target of 14 cents a share.
Revenue, however, surpassed estimates, albeit barely. The company said its top line amounted to $148.7 million. Analysts were looking for revenue of $140 million, according to Thomson Reuters poll.
Many times when a shipping company misses estimates, it's due to higher interest expenses than analysts had baked into their forecasting models. Navios said that, compared with a year ago, net interest expense jumped by $6.5 million.
Also on Tuesday morning,
reported fourth-quarter results, meeting expectations.
-- Written by Scott Eden in New York
Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.