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.