City Reports Eagle Bulk Shipping's Quarter Beats Below The Line

In a report published by Citi, Eagle Bulk Shipping's (NASDAQ: EGLE) quarter beats below the line.

Citi said that Eagle reported 4Q10 EPS of $0.05, which was above its $0.02 and consensus' $0.04 targets. “Nevertheless, the beat was almost entirely driven by lower-than-expected interest expense, as operating income came in line with our target. Despite a modest sequential increase in debt, interest expense fell 13% sequentially to $11.7 million, well below our target and Eagle's forecasts, for a 4.1% implied interest rate, 60 bps below its average for the prior three quarters. The $1.5 million relative to our $13.2 million interest expense target provided a $0.02 boost to EPS.”

Eagle Bulk Shipping closed yesterday at $4.04.