Safe Bulkers' Q1 Net Falls 25%, Dividend Maintained
Safe Bulkers' results for the company's Q1 have been released. For the quarter, net revenue came in at just more than $44 million, essentially unchanged from the same period the previous year. Net profit, on the other hand, dropped by 25% over that time frame, landing at $16.1 million ($0.21 per share) from Q1 2012's $21.6 million ($0.30). On an adjusted basis, those figures were $16.0 million ($0.21) and $22.9 million ($0.32), respectively.
In spite of the bottom-line drop, Safe Bulkers maintained its quarterly dividend. The company announced it will pay $0.05 per share of its common stock on or about June 7 to holders of record as of May 27. That amount matches the firm's previous distribution, and yields just under 4% at its most recent closing stock price.
The article Safe Bulkers' Q1 Net Falls 25%, Dividend Maintained originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool have no position in Safe Bulkers. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.
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