Pangaea Q4 net income $1.1M, adj $7.4M; TCE beats indices 27%; FY net $26.3M

Pangaea Logistics Solutions Ltd.

Q4 net income $1.1M ($0.03 diluted EPS); adjusted net income $7.4M ($0.16 diluted EPS).
Q4 total revenue $131.9M; adjusted EBITDA $19.7M (14.9% margin vs 21% prior year).
Q4 TCE $17,685/day, down 11.7% YoY, but beat Baltic Panamax and Supramax indices by 27%.
Full year 2023: net income $26.3M ($0.58 diluted EPS); adjusted $31.4M ($0.69 EPS); revenue $499.3M.
Cash $99M; net debt/EBITDA 2.12x; quarterly dividend $0.10/share declared for March 15, 2024.

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 year ended December 31, 2023 results: revenue $499.3 million, net income $31.4 million, EPS $0.69 per diluted share.

Period: year ended December 31, 2023
Revenue: $499.3 million
Net income: $31.4 million
EPS: $0.69 per diluted share
Result: reported results

Exact text from the filing

For the full year ended December 31, 2023, Pangaea reported non-GAAP adjusted net income of $31.4 million or $0.69 per diluted share, on total revenue of $499.3 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Pangaea Logistics Solutions Ltd. reported three months ended December 31, 2023 results: revenue $131.9 million, net income $7.4 million, EPS $0.16 per diluted share.

Period: three months ended December 31, 2023
Revenue: $131.9 million
Net income: $7.4 million
EPS: $0.16 per diluted share
Result: reported results

Exact text from the filing

For the fourth quarter ended December 31, 2023, Pangaea reported non-GAAP adjusted net income of $7.4 million, or $0.16 per diluted share, on total revenue of $131.9 million.

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Pangaea Logistics Solutions Ltd. filing history →

Source: SEC EDGAR

accession 0001606909-24-000036

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