The financial seas were choppy for Diana Shipping (NYSE:DSX) in both its Q4 and fiscal 2013 results, according to results for the two periods announced by the company today. For the quarter, revenue was $39.5 million, down from the $50.0 million in the same period the previous month. Bottom line swung to a loss of $9.6 million ($0.12 per diluted share), against a profit of $5.0 million ($0.06) in Q4 2012.
The company attributed the weaker results largely to reduced time charter rates.
On average, analysts were expecting $42.5 million in revenues, and a per-share loss of $0.06 for the most recent quarter.
For the full year, Diana Shipping posted top line of $164.4 million, a significant drop from the $223.2 million it brought in for 2012. As with the quarterly figures net swung to a loss, with the shortfall amounting to $21.2 million ($0.26 per diluted share) versus a $54.6 million ($0.67) profit in the previous year.
Eric Volkman has no position in Diana Shipping. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.