Pangaea Logistics Solutions Ltd. Q2 adjusted earnings Beat Estimates

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) released earnings for its second quarter that advanced from the same period last year.

The company's profit came in at $19.23 million, or $0.43 per share. This compares with $3.01 million, or $0.07 per share, in last year's second quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $12.92 million or $0.29 per share for the period.

Analysts had expected the company to earn $0.21 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 106.7% to $145.54 million from $70.40 million last year.

Pangaea Logistics Solutions Ltd. earnings at a glance:

-Earnings (Q2): $12.92 Mln. vs. $3.70 Mln. last year. -EPS (Q2): $0.29 vs. $0.09 last year. -Analysts Estimate: $0.21 -Revenue (Q2): $145.54 Mln vs. $70.40 Mln last year.