Aegean Marine Petroleum shares set new 52-week low; $10.00 now on lower earnings!
Aegean Marine Petroleum Network shares set new 52-week low on reactions to 3Q miss
Related Quotes
Symbol Price Change
ANW 10.29 -5.68
Chart for Aegean Marine Petroleum Network
{"s" : "anw","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""}
On Thursday November 11, 2010, 10:26 am EST
NEW YORK (AP) -- Shares of Aegean Marine Petroleum Network Inc. plunged Thursday, setting a new 52-week low, as investors reacted to the company's third-quarter results.
THE SPARK: The Greek company said Wednesday its net income slid to $4.6 million, or 10 cents per share, compared with $14.1 million, or 33 cents per share, in the year-ago period. Excluding items it earned 16 cents, less than half what analysts expected.
THE BIG PICTURE: The company sells fuel to ships in port and at sea. Its results can show how the economy is doing because shipping is highly dependent on economic growth. When companies sell their products, they need to ship them.
THE ANALYSIS: Revenue rose 82 percent in the quarter to $1.33 billion, from $731.8 million in the year-ago period. But it became more costly to have those sales. Net revenue, which is total revenue minus the cost of goods sold and cargo transportation expenses, rose 15.9 percent to$60.5 million, from $52.2 million.
President E. Nikolas Tavlarios said there's more competition and ship owners are using their extra downtime to complete their fuel requirements through smaller purchases at more ports.
SHARE ACTION: Shares set a new 52-week low of $9.60 on Thursday. In morning trading shares fell $5.59 or 35 percent to $10.38. Shares have traded as high as $35.05 in the past 52 weeks.
