DOW JONES NEWSWIRES
Aegean Marine Petroleum Network Inc.'s (ANW) first-quarter
profit more than tripled on surging revenue fueled in part by
higher prices.
But shares dropped 5.9% to $25.08 in after-hours trading
Wednesday as the Greek shipping-fuel supplier's revenue fell short
of Wall Street's expectations and the company said it agreed to
acquire the Shell Las Palmas terminal in the Canary Islands from
Shell Espana SA. The price was not disclosed.
Aegean, which operates in 15 markets, has seen its revenue
increase sequentially on growing volumes after a drop during the
worst of the global recession. The company took delivery of three
ships during the quarter and expects to add more vessels this year.
In March, it completed its largest acquisition, of Verbeke
Bunkering NV, a marine-fuel supplier in the
Antwerp-Rotterdam-Amsterdam region, the world's second-largest
bunkering port.
For the latest quarter, Aegean reported a profit of $14.1
million, or 30 cents a share, up from $4.4 million, or 10 cents a
share, a year earlier. Revenue more than doubled to $843.4 million
on higher prices while volume climbed 31% on improvements in
Singapore and the United Arab Emirates. Results in the latest
quarter included volumes from Aegean's new markets in Morocco and
Trinidad and Tobago.
Analysts estimated earnings of 30 cents on revenue of $851
million, according to a poll by Thomson Reuters.
Operating margin slid to 2.1% from 2.3% as the cost of petroleum
products more than doubled.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com