Eagle Bulk Shipping Posts $1.4 Million Loss

NEW YORK (TheStreet) -- Eagle Bulk Shipping Wednesday reported a narrower than expected loss for its fiscal second quarter as revenue rose 16.5% from a year earlier. The New York-based dry bulk shipping company reported a loss of $1.4 million, or 2 cents a share, for the three months ended June 30 on revenue of $76.4 million. The average estimate of analysts polled by Thomson Reuters was calling for a loss of 4 cents a share on revenue of $66.4 million for the June-ended period. "During the second quarter, Eagle Bulk's consistent focus on the Supramax segment yielded steady results that outperformed all other dry bulk vessel classes in a challenging market," said Sophocles Zoullas, the company's chairman and CEO, in a statement. "The build-out and renewal of the Eagle Bulk fleet now enters its final phase, as we took delivery of one new Supramax vessel and sold an older, 2001-built Supramax." ... Click to view a price quote on EGLE. Click to research the Transportation industry.

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