Aegean Marine Petroleum Network Inc. (ANW) Wednesday, reported that its first quarter net income declined from the previous year period.
Aegean posted first quarter net income of $4.4 million or $0.10 per share, lower than net income of $7.5 million or $0.18 per share reported in the prior year period.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share. Analysts' estimates typically exclude special items.
Sales volumes increased by 23.6% to 1,310,037 metric tons during the first quarter, compared to 1,060,134 metric tons for the prior year quarter.
Total revenues for the period decreased to $365.4 million from $532.0 million in last year quarter, down 31.3%.
For the three months ended March 31, 2009, sales of marine petroleum products decreased by 31.9% to $361.0 million compared to $530.4 million for the year-earlier period.
Net revenue, which equals total revenue less cost of goods sold and cargo transportation expenses, increased 20.1% to $40.0 million in the first quarter of 2009 compared to $33.3 million in the year-earlier period.
On May 13, 2009, the company's Board of Directors declared a first quarter 2009 dividend of $0.01 per share payable on June 4, 2009, to shareholders of record as of May 21, 2009.
ANW closed Wednesday's regular trading session at $12.77 down $1.98 or 13.42% on a volume of 0.67 million on the NYSE.
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