MONACO (AP) _ Safe Bulkers Inc. (SB) on Wednesday reported third-quarter net income of $8.1 million.
On a per-share basis, the company said it had net income of 5 cents.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The shipping company posted revenue of $50.1 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $48.1 million.
In the final minutes of trading on Wednesday, the company's shares hit $2.48. A year ago, they were trading at $3.58.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SB at https://www.zacks.com/ap/SB