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UPDATE 1-Aegean Marine Q3 disappoints, shares tank
November 10, 2010 / 10:19 PM / 7 years ago

UPDATE 1-Aegean Marine Q3 disappoints, shares tank

* Q3 adj EPS $0.16 vs est $0.35

* Rev up 82 pct at $1.34 bln vs est $1.28 bln

* Shares down more than 37 percent

Nov 10 (Reuters) - Greek Marine fuel logistics company Aegean Marine Petroleum Network Inc’s (ANW.N) quarterly results trailed market estimates as cost of products sold jumped, sending its shares down more than 37 percent in trading after the bell.

July-September profit fell to $4.6 million, or 10 cents a share, from $14.1 million, or 33 cents a share, a year ago.

Excluding items, earnings came in at 16 cents a share, versus estimates of 35 cents.

Total revenue jumped 82 percent to $1.34 billion. Analysts were looking for $1.42 billion, according to Thomson Reuters I/B/E/S.

Cost of marine petroleum products sold jumped more than 80 percent to $1.28 billion, the company said in a statement.

The company’s shares, which fell 17 percent during the third quarter, were down at $11.40 in extended trading.

The stock closed at $15.97 Wednesday on the New York Stock Exchange. (Reporting by Krishna N. Das in Bangalore; Editing by Prem Udayabhanu)

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