Marine fuel logistics company Aegean Marine Petroleum Network Inc. (ANW) Wednesday reported higher second-quarter profit on an increase in revenues, driven primarily by a substantial growth in gross spread and contributions from the newly added business centers.
Athens, Greece-based Aegean reported net income of $9.89 million or $0.23 per share for the quarter compared to $7.05 million or $0.17 per share in the year-ago quarter. Adjusted net income, excluding special items, was $10.8 million or $0.25 per share.
On average, five analysts polled by First Call/Thomson Financial expected earnings of $0.23 per share for the second quarter.
Second-quarter results included sales from Aegean's acquired service centers in Northern Europe and Portland as well as the new service center in West Africa.
Operating income for the quarter increased to $12.43 million from $7.10 million in the prior-year quarter.
Total revenues for the quarter surged to $741.02 million from $282.64 million in the comparable quarter a year earlier. Sales of marine petroleum products jumped 162% to $738.6 million, representing a 96.5% increase in the gross spread. Analysts expected total revenues of $616.02 million for the quarter.
The company said its sales volumes for the quarter increased 55% to about 1.23 million metric tons.
Year-to-date net income increased to $17.39 million or $0.41 per share from $13.64 million or $0.32 per share in the comparable period last year. Revenues for the six-month period climbed to $1.27 billion from $496.40 million in the first six months of 2007.
ANW ended Wednesday's trading at $33.20, up $0.60 or 1.84%, on a volume of about 399 thousand shares.
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