* Q3 adj EPS $0.06 vs est $0.03
* Q3 rev down 19 pct
Nov 4 (Reuters) - Eagle Bulk Shipping Inc reported better-than-expected quarterly earnings, helped by strong utilization and higher spot charter rates for its fleet.
For the third quarter, net income was $0.5 million, or 1 cent a share, compared with $23.2 million, or 49 cents a share, in the year-ago quarter. Excluding items, it earned 6 cents a share.
Net revenue for the quarter fell 19 percent to $41.6 million.
Analysts, on average, were expecting earnings of 3 cents a share, before special items, on revenue of $41.6 million, according to Thomson Reuters I/B/E/S.
'Eagle Bulk's third-quarter performance highlights steady cash flow and continued solid operating performance, with a utilization rate of 99.7 percent,' Chief Executive Sophocles Zoullas said in a statement.
Spot charter rates have also been stabilizing after a prolonged slowdown, and dry bulk day rates during the third quarter were better than most forecasts.
Shares of the company closed at $4.78 Wednesday on the Nasdaq.
(Reporting by Hezron Selvi in Bangalore; Editing by Pradeep Kurup) Keywords: EAGLEBULK/ (hezron.selvi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging; hezron.selvi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Q3 rev down 19 pct
Nov 4 (Reuters) - Eagle Bulk Shipping Inc reported better-than-expected quarterly earnings, helped by strong utilization and higher spot charter rates for its fleet.
For the third quarter, net income was $0.5 million, or 1 cent a share, compared with $23.2 million, or 49 cents a share, in the year-ago quarter. Excluding items, it earned 6 cents a share.
Net revenue for the quarter fell 19 percent to $41.6 million.
Analysts, on average, were expecting earnings of 3 cents a share, before special items, on revenue of $41.6 million, according to Thomson Reuters I/B/E/S.
'Eagle Bulk's third-quarter performance highlights steady cash flow and continued solid operating performance, with a utilization rate of 99.7 percent,' Chief Executive Sophocles Zoullas said in a statement.
Spot charter rates have also been stabilizing after a prolonged slowdown, and dry bulk day rates during the third quarter were better than most forecasts.
Shares of the company closed at $4.78 Wednesday on the Nasdaq.
(Reporting by Hezron Selvi in Bangalore; Editing by Pradeep Kurup) Keywords: EAGLEBULK/ (hezron.selvi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging; hezron.selvi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
