Pangaea Q3 GAAP EPS $0.42 (-30% y/y), adjusted $0.52 (+8%); revenue $184.5M

Pangaea Logistics Solutions Ltd.

2022-Q3 EPS reported $1.43 revenue$571,783,496

GAAP net income $18.8M ($0.42 diluted EPS) vs $27.0M ($0.60) in Q3 2021.
Adjusted net income $23.3M ($0.52 diluted EPS), up 8% y/y; Adjusted EBITDA $38.5M, up 14%.
TCE rate $24,107/day (-16% y/y) but 41% above benchmark Baltic Panamax/Supramax indices.
Cash $117.9M (up $68.8M y/y); net debt/EBITDA 1.2x; declared $0.10 dividend payable Dec 15.
Acquired supramax Bulk Sachuest for $16.6M; owned fleet now 25 vessels, operates ~55 total.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Pangaea Logistics Solutions Ltd. reported three months ended September 30, 2022 results: revenue $184.5 million, net income $18.8 million, EPS $0.42 per diluted share.

Period: three months ended September 30, 2022
Revenue: $184.5 million
Net income: $18.8 million
EPS: $0.42 per diluted share
Result: reported results

Exact text from the filing

its results for the three months ended September 30, 2022. THIRD QUARTER 2022 RESULTS (As compared to the Third Quarter 2021) • Total revenue decreased 13% year over year to $184.5 million; voyage revenue decreased 7% year over year • Net income attributable to Pangaea of $18.8 million, or $0.42 per diluted share, a decline of 30% y/y - Adjusted net income

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Pangaea Logistics Solutions Ltd. filing history →

Source: SEC EDGAR

accession 0001606909-22-000097

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