Aegean Marine (ANW) Misses Q3 EPS by 6c, Beats on Revenues

Aegean Marine (NYSE: ANW) reported Q3 EPS of ($0.10), $0.06 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $1.34 billion versus the consensus estimate of $1.32 billion.

Financial Results

• Revenue - The Company reported total revenue of $1,344.1 million for the third quarter of 2017, an increase of 18.0% compared to the same period in 2016, primarily due to the increase in oil prices. Voyage and other revenues decreased to $19.0 million or by 10.0% compared to the same period in 2016.
• Gross Profit - Gross Profit, which equals total revenue less directly attributable cost of revenue, decreased by 23.2% to $67.9 million in the third quarter of 2017 compared to $88.4 million in the same period in 2016.
• Operating Expense - The Company reported operating expense of $61.1 million for the third quarter of 2017, a decrease of $4.8 million or 7.3% compared to the same period in prior year.
• Operating Income - Operating income for the third quarter of 2017 adjusted for the sale of non-core assets was $6.7 million, a decrease of 74.5% compared to the same period in the prior year.
• Net Loss - Net loss attributable to Aegean shareholders adjusted for the sale of non-core assets was $3.8 million, or $0.10 basic and diluted earnings per share, a decrease of $21.5 million or 121.5% compared to the same period in 2016.

For earnings history and earnings-related data on Aegean Marine (ANW) click here.

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