Pangaea Q1 net income $3.5M, down 83% YoY; TCE rates $14,372/day, -46%

Pangaea Logistics Solutions Ltd.

2023-Q1 EPS reported $0.08 revenue$113,699,075

Net income $3.5M ($0.08 diluted EPS) vs $20.2M YoY; adjusted net income $5.1M ($0.11).
Revenue $113.7M, down 41% YoY; TCE $14,372/day, down 46% but 48% above Baltic indices.
Adjusted EBITDA $16.2M, down 48% YoY; cash $129.1M; net debt/EBITDA 1.3x.
Declared $0.10/share quarterly dividend (paid June 15); increased 100% YoY.
Acquired terminal ops for $7.2M (Port Everglades, Palm Beach, Baltimore); purchased vessel Bulk Prudence for $26.6M.

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 0.9

Pangaea Logistics Solutions Ltd. reported the first quarter ended March 31, 2023 results: revenue $113.7 million, net income $5.1 million, EPS $0.11 per diluted share.

Period: the first quarter ended March 31, 2023
Revenue: $113.7 million
Net income: $5.1 million
EPS: $0.11 per diluted share
Result: reported results

Exact text from the filing

For the first quarter ended March 31, 2023, Pangaea reported non-GAAP adjusted net income of $5.1 million, or $0.11 per diluted share, on total revenue of $113.7 million.

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Source: SEC EDGAR

accession 0001606909-23-000061

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