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Shares of Excel Maritime leap after 1Q beats views

By Associated Press
May 19, 2008 | Comments (0)

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Shares of Greek drybulk shipper Excel Maritime Carriers Ltd. rose Monday, after it reported first-quarter earnings that tripled from a year-ago and topped Wall Street's expectations.

The company earned $38.5 million, or $1.93 per share, compared with $12.3 million, or 61 cents per share, in the year-ago quarter.

Revenue leaped to $69.8 million from $36 million a year earlier.

Analysts were expecting a profit of $1.79 per share on revenue of $61.8 million, according to a poll by Thomson Financial.

The company said it took advantage of soaring drybulk rates by deploying its fleet on shorter charters or on the spot market.

Excel had an average of 18 vessels operating during the first quarter earning an average time charter equivalent rate of $41,754 per day, compared with 17 vessels during the 2007 period earning $22,485 per day.

Shares rose $2.48, or 4.3 percent, to $60.20 in midday trading.

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