STAMFORD, Conn. (AP) _ Eagle Bulk Shipping Inc. (EGLE) on Tuesday reported first-quarter net income of $30,000.
On a per-share basis, the Stamford, Connecticut-based company said it had profit of less than 1 cent. Losses, adjusted for non-recurring gains, were 3 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The shipping company posted revenue of $77.4 million in the period. Its adjusted revenue was $51.5 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $47.7 million.
Eagle Bulk Shipping shares have climbed 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.40, a climb of almost 1% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EGLE at https://www.zacks.com/ap/EGLE