Pangaea Logistics Solutions Ltd. Q2 adjusted earnings Beat Estimates

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) reported a profit for second quarter that declined from last year.

The company's bottom line came in at $3.01 million, or $0.07 per share. This compares with $4.03 million, or $0.09 per share, in last year's second quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $3.70 million or $0.09 per share for the period.

Analysts had expected the company to earn -$0.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 15.5% to $70.40 million from $83.29 million last year.

Pangaea Logistics Solutions Ltd. earnings at a glance:

-Earnings (Q2): $3.70 Mln. vs. $3.82 Mln. last year. -EPS (Q2): $0.09 vs. $0.09 last year. -Analysts Estimate: -$0.14 -Revenue (Q2): $70.40 Mln vs. $83.29 Mln last year.