Aegean Marine Profit Beats Estimates
Greece-based Aegean Marine Petroleum Network Inc. (ANW) reported first-quarter earnings of $12.2 million or $0.25 per share compared with $5.1 million or $0.11 per share last year.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
Analysts polled by Thomson Reuters estimated earnings of $0.24 per share on revenues of $1.37 billion for the quarter. Analysts' estimates typically exclude special items.
The marine-fuel logistics company posted revenue of $1.02 billion in the period compared with $1.69 billion in the prior year.
Aegean Marine shares have fallen almost 1 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.92, a climb of 38 percent in the last 12 months.
E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, “During the first quarter, we continued to successfully execute our strategy and extended our track record of profitability through our expanded global operations. Our unique and dynamic business model supported strategic expansion opportunities at the end of 2014 and allowed the Company to advance its position in the global fuel supply market during the start of 2015.”
