August 11, 2010 / 9:22 PM / 7 years ago

UPDATE 1-Aegean Marine Q2 profit trails Street on higher costs

* Q2 adj EPS $0.30 vs est $0.36/shr

* Revenue more than doubles, beats Street

Aug 11 (Reuters) - Marine fuel logistics company Aegean Marine Petroleum Network Inc (ANW.N) reported a lower-than-expected second-quarter profit, hurt by higher costs.

The company, which supplies refined marine fuel to ships in port and at sea, posted net income of $12.0 million, or 25 cents a share, compared with $16.3 million, or 38 cents a share, a year ago.

Excluding items, the company earned 30 cents a share.

Revenue for the quarter more than doubled to $1.34 billion.

    Analysts on an average were expecting earnings of 36 cents a share, on revenue of $1.17 billion, according to Thomson Reuters I/B/E/S.

    For the quarter, the cost of marine petroleum products sold more than doubled to $1.27 billion.

    Shares of the company closed down 3 percent at $19.05 Wednesday on the New York Stock Exchange. (Reporting by NR Sethuraman in Bangalore; Editing by Anne Pallivathuckal)

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