Eagle Bulk Shipping (EGLE) Reports Q3 Loss of $0.52
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Eagle Bulk Shipping (NASDAQ: EGLE) reported Q3 EPS of ($0.52), versus ($10.83) reported last year. Revenue for the quarter came in at $35.8 million, versus $29.1 million reported last year.
- Fleet utilization rate of 98.9%.
- The sale of MV Harrier and MV Kittiwake for net proceeds of $3.2 million and $4.2 million, respectively.
- The closing of a previously-announced private common stock placement for gross proceeds of $88 million.
- The appointment of Mr. Frank De Costanzo as Chief Financial Officer on September 30, 2016.
- On November 7, 2016, Eagle Bulk announced the acquisition of a 2016 built 61,000 deadweight NACKS-61 Ultramax vessel constructed at Nantong COSCO Kawasaki Heavy Industries Engineering Co., Ltd. ("NACKS") for $18.85 million. The vessel is scheduled to be delivered to the Company in November and will be renamed the M/V Stamford Eagle.
Gary Vogel, Eagle Bulk's CEO, commented, "Amid tentative signs of a recovery in charter rates, Eagle Bulk's third quarter results reflect continued progress in building out our Owner-Operator model. This is evident across several key metrics, including a notable increase in voyage business and chartered-in days – both of which contributed to a net revenue increase despite operating four fewer vessels compared to the same period a year ago. At the same time, we achieved tangible cost savings through the continued development of our in-house technical management. We also continued to develop our organization by adding top-tier management in key positions, highlighted by the addition of Frank De Costanzo as Chief Financial Officer.
For earnings history and earnings-related data on Eagle Bulk Shipping (EGLE) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ocean Power Technologies (OPTT) Reports Q2 Loss of $0.25/Share
- F.N.B. Corp (FNB), Yadkin Financial (YDKN) Shareholders Approve Merger
- Network-1 Technologies (NTIP) Approves Initial 5c Semi-Annual Dividend
Create E-mail Alert Related CategoriesEarnings, Management Comments
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!