Why Aegean Marine Petroleum Network's Shares Sank
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Aegean Marine Petroleum Network dropped 10% today after reporting earnings.
So what: Revenue dropped 10.4% to $1.69 billion and net income doubled to $5.5 million, or $0.12 per share. Revenue was ahead of estimates but on an adjusted basis earnings per share of $0.13 fell short of estimates by $0.04.
Now what: Demand for the company's services is still lagging because of challenges in the shipping market. Those trends don't appear to be easing any time soon; I see the improved margins as a positive I don't like the top-line trends. I don't think this is a discount to buy on and would wait until macro conditions improve.
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The article Why Aegean Marine Petroleum Network's Shares Sank originally appeared on Fool.com.Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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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