Aegean Beats Analyst Expectations in First Quarter as Bunker Sales Volume Rises 7.8%

According to President E. Nikolas Tavlarios, the company stands to benefit over the next year from its acquisitions and expansions.

Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) has announced that "persistent market headwinds" have affected both revenues and profits in the first quarter of 2015. 

However, the world's largest independent physical supplier reportedly beat expectations, posting an earnings per share (EPS) of $0.25 compared to estimates of $0.24.

Although revenues dropped 40 percent to $1 billion from $1.7 billion and profit also fell to $80.6 million from $83 million, volume of marine fuel sold rose 7.8 percent to 2.9 million metric tonnes (mt) from 2.7 million mt in the same period last year. 

"We remain focused on executing on our proven strategy, which has enabled us to overcome market fluctuations, strengthen our balance sheet and maintain our competitive advantage," said CFO Spyros Gianniotis.

"Looking ahead, we are confident in our ability to capitalize on the anticipated market recovery and achieve even greater results, while continuing to return value to our shareholders."

According to President E. Nikolas Tavlarios, the company stands to benefit over the next year from its acquisitions and expansions.

Aegean's new Fujairah facility is expected to "diversify our revenue and allow us to benefit from the growth of onshore storage demand," while the U.S. West Coast operations and East Coast bunkering business is expected to "advance its position in the global fuel supply market."

"At an industry level, we are beginning to experience positive shifts in the shipping and tanker markets and believe Aegean Marine is poised to benefit from these improving trends," he said.

Aegean purchased the East Coast bunkering business from Hess Corporation in 2013.

Late last year, it was also reported that Aegean had taken over many of OW Bunker's former assets on the U.S. West Coast.