Pangaea Q3 net income flat at $18.9M; revenue down 26% YoY; TCE rates fall 35%

Pangaea Logistics Solutions Ltd.

2023-Q3 EPS reported $0.56 revenue$367,390,917

Net income $18.9M ($0.42 diluted EPS); adjusted net income $14.4M ($0.32 adjusted EPS).
Revenue $135.6M, down from $184.5M YoY; TCE rate $15,748/day, -35% vs $24,107.
TCE exceeded Baltic Panamax/Supramax indices by 49%; Adj. EBITDA $27.9M (vs $38.5M).
Q4-to-date TCE $19,000/day on ~2,715 days; declared $0.10 dividend payable Dec 15.
Sold Bulk Trident for $9.8M in Oct; net debt/EBITDA 2.2x; operating cash flow $16.3M.

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 three months ended September 30, 2023 results: revenue $135.6 million, net income $18.9 million, or $0.42 per diluted share, EPS $0.42 per diluted share.

Period: three months ended September 30, 2023
Revenue: $135.6 million
Net income: $18.9 million, or $0.42 per diluted share
EPS: $0.42 per diluted share
Result: reported results

Exact text from the filing

For the third quarter ended September 30, 2023, Pangaea reported non-GAAP adjusted net income of $14.4 million, or $0.32 per diluted share, on total revenue of $135.6 million.

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Source: SEC EDGAR

accession 0001606909-23-000129

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