Aegean Profitable in 2013 Despite Bunker Market Challenges
Ship bunker suppliers Aegean Marine Petroleum Network release financial and operating results for the fourth quarter ended December 31st, 2013, registering a third consecutive profitable year.
Quarterly & full year highlights
- Recorded sales volumes of 2,384,376 metric tons in Q4 2013 and 9,941,061 for the full year.
- Recorded gross profit of $75.0 million in Q4 2013 and $286.0 million for the full year.
- Recorded operating income of $14.5 million for the quarter and $48.8 million for the full year.
- Recorded net income attributable to Aegean shareholders of $7.0 million or $0.15 basic diluted earnings per share in Q4 2013 and $27.1 million or $0.58 basic and diluted earnings per share for the full year.
- Recorded EBITDA of $22.4 million in Q4 2013 and $83.2 million for the full year.
- Acquired Hess Corporation's U.S. East Coast bunkering business unit and launched Aegean US East Coast Operations.
- Successfully executed $86.3 million convertible note offering.
For the three months ended December 31, 2013, the volume of marine fuel sold by the Company decreased by 12.6% to 2,384,376 metric tons compared with 2,729,070 metric tons in the same period in 2012.
Operating income for the fourth quarter of 2013 amounted to $14.5 million compared to $11.3 million for the same period in 2012. Operating expenses decreased by $0.1 million, or 0.2%, to $60.5 million for the three months ended December 31, 2013, compared with $60.6 million for the same period in 2012.
"We have built a steady track record of growth and we believe that the continued execution on our core initiatives will enhance shareholder value," said Mr. Tavlarios. "We continue to build significant and sustainable internal growth drivers, including our new Aegean U.S. East Coast business and our soon-to-be launched Fujairah storage facility, which we believe will allow Aegean to continue to succeed should market headwinds persist."
He continued: "For 2014, however, we are beginning to see indications that the macro environment will improve steadily throughout the year, and we believe Aegean is uniquely positioned to incrementally benefit from this strengthening market."