Lambros Papaeconomou
Research analyst, shipping industry, long/short equity, value

Eagle Bulk Shipping: Digging Through The Surprise First Quarter Earnings

Eagle Bulk Shipping (NASDAQ:EGLE) announced on May 15th a surprise first quarter profit of $1.4 million or $0.08 per share. The surprise profit was due to a dramatic increase in quarterly revenues to $73.6 million from $54.8 million a year ago. In comparison, the street was expecting on average a loss of $2.03 per share. On May 15th, prior to the earnings announcement the stock had closed at $3.54 per share. The next day the market forcefully reacted to the news sending the stock price to an intraday high of $5.95 before closing at $5.48, up $1.92 per share or 54% in a single day.

Even though the stock has drifted lower since then (it closed...

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