Diana Shipping says 2Q earnings double on revenue

[Angelo]

Associated Press
Diana Shipping says 2Q earnings double on revenue
Associated Press 07.31.08, 1:54 PM ET

NEW YORK - Dry bulk shipper Diana Shipping Inc. said Thursday its second-quarter profit more than doubled due to higher charter rates and an increase in operating days.

The Athens, Greece, company said its earnings for the quarter ended June 30 increased to $56.7 million, or 76 cents per share, from $26 million, or 41 cents per share, in the same period last year.

Revenue nearly doubled to $86.8 million from $44 million a year ago. The company attributed the boost to higher prevailing time charter rates and an increase in operating days due to a larger fleet.

The company's earnings were in line with Wall Street estimates. Analysts surveyed by Thomson Financial were predicting, on average, quarterly income of 76 cents per share on $83.3 million in revenue.

The company also declared a dividend and offered a full-year outlook ahead of Wall Street estimates.

Shares of Diana Shipping (nyse: DSX - news - people ) gained 36 cents to $30.53 in afternoon trading Thursday.



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