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CORRECTED-UPDATE 1-Eagle Bulk quarterly loss lower than expected
March 14, 2012 / 9:13 PM / 6 years ago

CORRECTED-UPDATE 1-Eagle Bulk quarterly loss lower than expected

* Q4 net loss $0.03/shr vs est loss $0.09/shr

* Q4 rev fell 3 pct

March 14 (Reuters) - Eagle Bulk Shipping Inc posted a lower-than-expected fourth-quarter loss, helped by increased operating days.

For the quarter, Eagle Bulk Shipping posted a net loss of $1.7 million, or 3 cents a share, compared with a net income of $3.03 million, or 5 cents a share, a year ago.

Revenue fell about 3 percent to $70 million.

Analysts polled by Thomson Reuters I/B/E/S expected a loss of 9 cents on revenue of $66.73 million.

Fleet utilization rates fell to 99.7 percent, from 99.8 percent, a year ago.

The New York-based company’s shares, which have lost more than half of their value in one year, closed at $1.80 on Wednesday on the Nasdaq.

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