Pangaea Q1 net income $11.7M, adj. EPS $0.14; TCE rates up 23%; acquires two vessels for $56.6M

Pangaea Logistics Solutions Ltd.

2024-Q1 EPS reported $0.25 revenue$104,748,553

Q1 net income $11.7M ($0.25 diluted); adjusted net income $6.6M ($0.14 diluted); total revenue $104.7M.
TCE rate $17,697/day, up 23% YoY; exceeded Baltic Panamax/Supramax indices by 29%.
Adjusted EBITDA $19.9M, up 23% YoY; margin 19.0% vs 14.3%.
Acquired two 58,000 dwt bulk vessels for $56.6M; delivery expected Q3 2024.
Declared $0.10/share quarterly dividend payable June 13, 2024; record May 30, 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Pangaea Logistics Solutions Ltd. reported three months ended March 31, 2024 results: revenue $104.7 million, net income $11.7 million, EPS $0.25 per diluted share.

Period: three months ended March 31, 2024
Revenue: $104.7 million
Net income: $11.7 million
EPS: $0.25 per diluted share
Result: reported results

Exact text from the filing

million in May 2024 For the first quarter ended March 31, 2024, Pangaea reported non-GAAP adjusted net income of $6.6 million, or $0.14 per diluted share, on total revenue of $104.7 million. First quarter TCE rates increased 23% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, declined 7% to 3,685 days, when

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Source: SEC EDGAR

accession 0001606909-24-000070

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