Aegean Marine Misses Wall Street Forecasts

first_imgzoom Nasdaq-listed fuel supplier Aegean Marine Petroleum Network Inc. has recorded gross profit of USD 78.5 million and an operating income of USD 14.8 million in its financial and operating results for the second quarter ended June 30, 2015.Aegean’s net income attributable to Aegean shareholders reached USD 7.1 million or USD 0.15 basic and diluted earnings per share, missing the Wall Street expectations which stood at 27 cents per share.The company’s second quarter sales volumes amounted to 3,150,950 metric tons, up by 18.5% compared with 2,659,620 metric tons in the same period in 2014. For the three months ended June 30, 2015, sales of marine petroleum products decreased by 30.2% to USD 1,189.5 million compared with USD 1,705.2 million for the same period in 2014.E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, “While we faced headwinds during the quarter, we are entering the second half of 2015 with several growth drivers in place and we expect to further improve our financial performance. Our Fujairah facility is operating at strong utilization levels, and our expanded global operations position the company for continued growth, success and value creation.”According to Tavlarios, Aegean Marine is poised to benefit from its diversification and recent expansion into new markets.Total revenues for the three months ended June 30, 2015, decreased by 29.8% to USD 1,207.7 million compared with $1,720.2 million reported for the same period in 2014 due to the drop in the price of oil.As of June 30, 2015, the company had cash and cash equivalents of USD 42.2 million and working capital of USD 267.7 million. Non-cash working capital, or working capital excluding cash and debt, was $558.1 million.Spyros Gianniotis, Aegean’s Chief Financial Officer, stated, “With more than USD 1.8 billion in working capital credit facilities, we have a strong excellent balance sheet that can support continued profitability over the long-term. Given our financial strength, we have been able to move quickly to realize accretive growth opportunities and profitably grow the business, and remain focused on achieving this objective.”last_img

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