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Jun 30, 2020
Pangaea Q2 2020 Earnings Report
Pangaea Logistics Solutions Ltd. reported financial results for the quarter ended June 30, 2020.
Key Takeaways
Pangaea Logistics Solutions Ltd. reported a net income of $3.0 million for the second quarter of 2020, compared to $4.0 million for the same period in 2019. Total revenue decreased to $70.4 million from $83.3 million in the prior year, while the TCE rate was $10,733 compared to $12,933 in 2019. The company's TCE rates outperformed market averages by approximately 93%.
Net income attributable to Pangaea Logistics Solutions Ltd. was $3.0 million, compared to $4.0 million in the same period of 2019.
Non-GAAP adjusted net income was $3.7 million, compared to $3.8 million for the three months ended June 30, 2019.
Pangaea's TCE rates were $10,733, outperforming market average by approximately 93%.
Total revenue decreased to $70.4 million due to a decrease in market hire and freight rates.
Revenue by Segment
Forward Guidance
The company is moving into its seasonally strong summer ice season in a strong position but expects continued uncertainty and turbulence in the markets over the next few quarters due to global economic output and disruptions caused by COVID-19.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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