Aegean Marine Petroleum Shares Plummet 28% (ANW)

Aegean Marine Petroleum Network Inc. ANW late on Wednesday released financial results that failed to meet Wall Street expectations and sent the company's stock price falling. Aegean Marine Petroleum Network Inc. reported that its 3rd quarter net income fell to $4.6 million, or 10 cents per share, down from $14.1 million, or 33 cents per share, a year earlier. Excluding special items, the company earned 16 cents per share. Revenue climbed to $1.34 billion, up from $736.08 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 35 cents per share, on revenue of $1.42 billion. President E. Nikolas Tavlarios said, "During the third quarter, Aegean Marine increased sales volumes by more than 75% compared to the year-earlier period. However our results for the quarter reflect a change in the competitive landscape across our geographical portfolio, particularly in our two largest markets, which adversely affected gross spread. The industry experienced an increase in the supply of marine fuel together with a change in buying patterns by shipowners, who used increased downtime to fill their marine fuel requirements through smaller purchases in a higher number of ports. Additionally, our performance for the quarter was impacted by one-time restructuring charges for our Vancouver market as well as unrealized foreign exchange loss related to our Verbeke Bunkering subsidiary." Aegean Marine Petroleum Network Inc. (ANW) ended the Wednesday trading session at $15.97 per share, then plunged 28% to $11.50 per share during after hours trading. Analysts covering the company's stock have a consensus price target of $29.14 per share. Read more from Benzinga's Company news.