UPDATE 1-Aegean Marine Q3 tops Street

Wed Nov 11, 2009 10:12pm GMT
 
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* Q3 EPS $0.33 vs est $0.30

* Q3 revenue down 22.6 pct to $736.1 mln

* Marine fuel volume sold up 22.1 percent

Nov 11 (Reuters) - Aegean Marine Petroleum Network Inc (ANW.N) posted strong quarterly results, helped by higher sales volumes in its core markets and an increase in gross spread on marine petroleum products.

The company, which supplies refined marine fuel to ships in port and at sea, posted a net income of $14.1 million, or 33 cents a share, up from $9.5 million, or 22 cents, a year earlier.

Revenue fell about 23 percent to $736.1 million.

Analysts on average expected earnings of 30 cents a share, before items, on revenue of $623.2 million, according to Thomson Reuters I/B/E/S.

"Aegean's financial results for the third quarter reflect sales volume growth in core markets located in Greece, Gibraltar, the UAE and Singapore as well as contributions from new markets," Chief Financial Officer Spyros Gianniotis said in a statement.

The company said it began operations in Tangiers, Morocco, the third new market launched by Aegean this year.  Continued...

 

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