Aegean Marine Petroleum Network Earnings: Here’s Why the Stock is Rising Now
Aegean Marine Petroleum Network Inc. (NYSE:ANW) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.15%.
Aegean Marine Petroleum Network Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 0% to $0.13 in the quarter versus EPS of $0.13 in the year-earlier quarter.
Revenue: Decreased 13.28% to $1.57 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Aegean Marine Petroleum Network Inc. reported adjusted EPS income of $0.13 per share. By that measure, the company missed the mean analyst estimate of $0.14. It missed the average revenue estimate of $1.73 billion.
Quoting Management: “We have continued to successfully execute on our growth initiatives, which has allowed us to make significant progress despite challenging macro headwinds,” said E. Nikolas Tavlarios, President. “During the first quarter we achieved a sequential increase in our gross spread and continued to reduce our expenses, resulting in our ninth consecutive quarter of profitability. As expected, we saw a typical seasonal decline in volumes and utilization; however, our focus on leveraging our infrastructure allowed us to capture voyage and storage revenue opportunities and drive profitability.”
Key Stats (on next page)…