Safe Bulkers Inc. (SB) reported a profit for first quarter that decreased from last year but beat the Street estimates.
The company's bottom line totaled $5.25 million, or $0.05 per share. This compares with $23.30 million, or $0.21 per share, last year.
Excluding items, Safe Bulkers Inc. reported adjusted earnings of $5.77 million or $0.05 per share for the period.
Analysts on average had expected the company to earn $0.03 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period fell 20.9% to $67.215 million from $84.975 million last year.
Safe Bulkers Inc. earnings at a glance (GAAP) :
-Earnings: $5.25 Mln. vs. $23.30 Mln. last year.
-EPS: $0.05 vs. $0.21 last year.
-Revenue: $67.215 Mln vs. $84.975 Mln last year.
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