Overview
Pangaea Q3 adjusted EPS beats analyst expectations, reflecting solid financial performance
Adjusted EBITDA for Q3 increased by 20.3%, beating analyst expectations
Company announced sale of Bulk Freedom for $9.6 mln, continuing fleet renewal strategy
Outlook
Company sees favorable medium-term dry bulk environment due to limited vessel supply
Company executed 4,210 shipping days at average TCE of $17,107 early in Q4
Result Drivers
INCREASED SHIPPING DAYS - 22% increase in shipping days due to acquisition of fifteen handy-sized vessels, boosting revenue
TCE RATE PERFORMANCE - TCE rates exceeded market indices by 10% due to long-term contracts and specialized fleet
COST MANAGEMENT - 13% decrease in voyage expenses per day contributed to 20.3% increase in Adjusted EBITDA
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Beat | $0.17 | $0.07 (2 Analysts) |
Q3 Adjusted Net Income | Beat | $11.20 mln | $4.26 mln (2 Analysts) |
Q3 Net Income | $12.20 mln | ||
Q3 Adjusted EBITDA | Beat | $28.90 mln | $21.31 mln (2 Analysts) |
Q3 Adjusted EBITDA Margin | 17.10% | ||
Q3 Operating Cash Flow | $28.60 mln |
Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the marine freight & logistics peer group is "buy."
Wall Street's median 12-month price target for Pangaea Logistics Solutions Ltd is $8.00, about 37.7% above its November 5 closing price of $4.98
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nPn64m75Qa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)