Pangaea Logistics So Down 23.31% To $6.36 After Earnings Miss

Thursday, March 14, 2024 - Pangaea Logistics So (PANL) reported downside earnings and revenues today.

Wall Street earnings per share (EPS) projections for Pangaea Logistics So were at $0.34. The company missed those estimates with an EPS of $0.16. The earnings per share of $0.16 (which represents a -53% EPS surprise) led to the company's profits falling 50% compared to last year when the firm reported an EPS of $0.32. The decline in Pangaea Logistics So's annual growth rate represents how the business isn't performing well amid current economic conditions.

Revenues were downbeat at $131.9 million. That is an increase of 3.09% in revenues from the year-ago report and is 5.91% lower than consensus estimates set at $140.2 million.

The stock is down 23.31% to $6.36 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Pangaea Logistics So has performed a little below average during the past few months. Before the report, Pangaea Logistics So received a Long-Term Technical Rank by InvestorsObserver of 47, putting it in the bottom half of stocks. The firm was recently trading at a 52-week high of $9.53 on January 30, 2024 and set a 52-week low on March 21, 2023 at $5.06.

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The firm's services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.