TAMPA, Fla. (AFX) - Maritrans Inc., which operates a fleet of tugs, barges and oil tankers, said Tuesday its second-quarter profit fell 50 percent on a drop in revenue and an increase in expenses.
In the second quarter, Maritrans earned $3.6 million, or 30 cents per share, compared with $7.2 million, or 84 cents per share, for the same quarter in 2005. Revenue fell 5.2 percent to $43.9 million from $46.3 million in the year-ago period.
The recent quarter's results included a gain of a penny per share related to a change in accounting procedures, while the 2005 quarter included an after-tax gain of 30 cents per share related to the settlement of a lawsuit with Penn Maritime.
The results fell short of Wall Street expectations. Analysts polled by Thomson Financial had expected a profit of 33 cents per share on $45.6 million in revenue.
Operating expenses rose to $39.1 million from $38.4 million in the second quarter of 2005, mainly as a result of charter hire costs. Utilization for the most recent quarter was 77.5 percent, compared with 81.8 percent in the year-ago period.
Also on Tuesday, the company declared a quarterly dividend of 11 cents per share. The dividend will be paid on Aug. 30 to stockholders of record on Aug. 16.
Maritrans shares closed down 77 cents, or 3.4 percent, at $22.07 on the New York Stock Exchange. They have ranged between $19.93 and $35.09 over the past year.
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