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Eagle Bulk Shipping: 2Q Earnings Snapshot

STAMFORD, Conn. (AP) _ Eagle Bulk Shipping Inc. (EGLE) on Tuesday reported second-quarter net income of $3.5 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Stamford, Connecticut-based company said it had profit of 5 cents.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.

The shipping company posted revenue of $74.9 million in the period. Its adjusted revenue was $57.7 million, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $57.8 million.

Eagle Bulk Shipping shares have risen 21 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.42, an increase of 18 percent 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