STAMFORD, Conn. (AP) _ Eagle Bulk Shipping Inc. (EGLE) on Wednesday reported a fourth-quarter loss of $11.2 million, after reporting a profit in the same period a year earlier.
The Stamford, Connecticut-based company said it had a loss of 16 cents per share. Losses, adjusted for non-recurring costs, came to 14 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.
The shipping company posted revenue of $71.5 million in the period. Its adjusted revenue was $50 million, also missing Street forecasts. Three analysts surveyed by Zacks expected $58.3 million.
For the year, the company reported a loss of $21.7 million, or 30 cents per share, swinging to a loss in the period. Revenue was reported as $204.7 million.
In the final minutes of trading on Wednesday, the company's shares hit $3.38. A year ago, they were trading at $4.83.