Excel Maritime 4Q profit sinks
Greece's Excel Maritime Carriers Ltd. on Tuesday said fourth-quarter profit plummeted 32 percent as weaker revenue from cargo shipping met with sharply higher costs.
Net income fell to $9.3 million, or 47 cents per share, from $13.8 million, or 69 cents per share, a year earlier.
The recent period includes amortization and depreciation charges totaling 4 cents per share, while the year-ago quarter includes a gain of $2.5 million, or 12 cents per share, on the sale of a bulk carrier ship.
Analysts surveyed by Thomson Financial forecast earnings of 67 cents per share.
Revenue dipped to $35.2 million from $35.7 million a year ago on weaker voyage revenue.
Average daily charter rates for its vessels were higher in the recent period at $20,849 versus $19,992 in the prior-year quarter. However, the company operated slightly fewer ships, on average.
Operating expenses climbed 26 percent at the same time to $23.5 million.
Net income tumbled to $31.1 million, or $1.56 per share, in 2006 from $67.8 million, or $3.64 per share, in 2005. Annual revenue rose to $124.1 million from $118.6 million.
Shares of Excel Maritime slipped 33 cents to end at $17.99 on the New York Stock Exchange, then added 2 cents in aftermarket activity to $18.01.
Net income fell to $9.3 million, or 47 cents per share, from $13.8 million, or 69 cents per share, a year earlier.
The recent period includes amortization and depreciation charges totaling 4 cents per share, while the year-ago quarter includes a gain of $2.5 million, or 12 cents per share, on the sale of a bulk carrier ship.
Analysts surveyed by Thomson Financial forecast earnings of 67 cents per share.
Revenue dipped to $35.2 million from $35.7 million a year ago on weaker voyage revenue.
Average daily charter rates for its vessels were higher in the recent period at $20,849 versus $19,992 in the prior-year quarter. However, the company operated slightly fewer ships, on average.
Operating expenses climbed 26 percent at the same time to $23.5 million.
Net income tumbled to $31.1 million, or $1.56 per share, in 2006 from $67.8 million, or $3.64 per share, in 2005. Annual revenue rose to $124.1 million from $118.6 million.
Shares of Excel Maritime slipped 33 cents to end at $17.99 on the New York Stock Exchange, then added 2 cents in aftermarket activity to $18.01.
