ANW Earnings Miss On Lower Spread

Aegean Marine Petroleum Network, Inc. ANW reported 2Q EPS of $0.30, just below the $0.30 estimate by Dahlman Rose, due to earnings of $22.50/ton vs. Dahlman's $23.00/ton forecast. Sales volumes (2,825,046 tons) were ahead of expectations and are up over 1.1M tons q/q. ANW has acquired Verbeke, which sold 3.5M tons during 2009, a deal that helped with sales volumes. Dahlman maintains its "buy: rating for ANW and maintains its price target of $34. Aegean Marine Petroleum Network, Inc. closed yesterday at $19.05.