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Star Bulk Carriers reports 4Q loss

ATHENS, Greece (AP) _ Star Bulk Carriers Corp. (SBLK) on Wednesday reported a loss of $32.7 million in its fourth quarter.

On a per-share basis, the Athens, Greece-based company said it had a loss of 58 cents. Losses, adjusted for asset impairment costs and non-recurring costs, were 29 cents per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 21 cents per share.

The shipping company posted revenue of $63.2 million in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $60 million.

For the year, the company reported that its loss narrowed to $153.8 million, or $3.23 per share. Revenue was reported as $222.1 million.

Star Bulk Carriers shares have increased 88 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.59, more than tripling 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 SBLK at https://www.zacks.com/ap/SBLK


Keywords: Star Bulk Carriers, Earnings Report