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(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL) revealed a profit for its first quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $11.67 million, or $0.25 per share. This compares with $3.47 million, or $0.08 per share, in last year's first quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $6.59 million or $0.14 per share for the period.

Analysts on average had expected the company to earn $0.13 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 7.9% to $104.75 million from $113.70 million last year.

Pangaea Logistics Solutions Ltd. earnings at a glance (GAAP) :

-Earnings (Q1): $11.67 Mln. vs. $3.47 Mln. last year. -EPS (Q1): $0.25 vs. $0.08 last year. -Revenue (Q1): $104.75 Mln vs. $113.70 Mln last year.

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