Rand Logistics, Inc. (NASDAQ:RLOG) Hits New High on 4Q Results above Consensus

Rand Logistics, Inc. (NASDAQ:RLOG) posted its third fiscal quarter results above street consensus on Monday. The Company reported third fiscal quarter net revenue of $36.61 million, down 1.90% year over year from $37.32 million in the same quarter last year, above the analysts' estimate of $33.1 million. Excluding fuel and other surcharges, and outside charter revenue, Marine freight revenue of $27.3 million has been recorded, down 4.4% year over year from $28.6 million. This decrease is the results of 15 less sailing days and both less favorable weather conditions and commodity mix, partially offset by a stronger Canadian dollar. Net income of $3.2 million or 24 cents a share has been recorded for the quarter, up 10.34% from $2.9 million or 22 cents a share for the same quarter last year. Analysts on an average were expecting to post EPS of 17 cents a share. Looking ahead, for fiscal 2012, the company revised its guidance & said that it expects free cash flow of $1.15 to $1.30 per share from previous guidance of $0.90 to $1.00 per share for the year ending March 31, 2012. The Company also announced that it has acquired two Jones Act compliant, self-unloading integrated tug/barge units from KK Integrated Shipping (KKIS). The acquisition was structured with $35.5 million cash paid at closing (including $31.0 million financed with third party debt), $5.1 million of attractively priced junior seller paper and 1,305,963 shares of the Company’s common stock. Shares of a shipping company engaged in the operation of bulk carriers on the Great Lakes gained $1.01 or 19.09% to trade close at $6.30 after the company announced its third quarter results above analysts' expectation. The stock touched the new annual high of $7.10, its annual low being $4.00. It opened at $5.65 and traded with volume of 196,370 shares. The market capitalization of the stock stands at $84.84 million with P/E of 96.63 and beta of 0.66. The Company through its subsidiary, Lower Lakes Towing Ltd. (Lower Lakes Towing), provides bulk freight shipping services throughout the Great Lakes region and operated eight vessels (the Core Vessels). Rand's shipping business is operated in Canada by Lower Lakes Towing and in the United States by Lower Lakes Transportation Company (Lower Lakes Transportation). Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
Negocioenlinea
tdp2664
Epic Stock Picks