Overseas Shipbuilding Releases 3Q Earnings

Overseas Shipbuilding Group Inc. reported third-quarter earnings of $26.6m, or 83 cents a share, down from a year-ago profit of $90.8m, or $2.29 a share. The latest results include a gain of $1.5m, or 5 cents a share, on vessel and securities sales. Last year's performance reflects a similar gain of $15.8m, or 39 cents a share. Revenue rose in the latest three months to $277.2m from $265.9m a year earlier. The mean estimate of analysts polled by Thomson Financial was for a profit of 74 cents a share in the September period. The company said total operating expenses swelled to $243.3m in the September quarter from $176.9m. [Source: Thomson Financial]