Safe Bulkers Inc. (SB) reported first-quarter net income of $16.1 million or $0.21 per share, compared to $21.6 million or $0.30 per share last year.
Adjusted net income for the latest first quarter decreased to $16.0 million or $0.21 per share from $22.9 million or $0.32 per share in the year ago quarter. On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share. Analysts' estimates typically exclude special items.
Net revenues for the quarter were $44.07 million, compared with $44.23 million in the same quarter last year, while four analysts had a consensus revenue estimate of $40.14 million for the quarter.
The company's Board declared a cash dividend on the Company's common stock of $0.05 per share payable on or about June 7, 2013 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange on May 27, 2013.
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