Pangaea Logistics So (PANL) said after close Wednesday that it earned $0.32 per share in quarter four 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $127.9 million, missing estimates by $29.3 million.
In the same quarter a year ago, the company earned $0.56 per share on revenue of $234.6 million.
The stock is down 9.75% to $5.46 after the report.
Pangaea Logistics So's revenues declined at a faster pace than earnings.
Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.
Trading in the five days leading up to the report earned Pangaea Logistics So a Neutral Sentiment Rank from InvestorsObserver.
Pangaea Logistics So has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 79, putting Pangaea Logistics So in the top 25% of stocks. The firm was recently trading at a 52-week high of $7.12 on March 6, 2023 and set a 52-week low on July 14, 2022 at $4.23.
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.
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Pangaea Logistics So Down 9.75% To $5.46 After Earnings Beat
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