UPDATE 1-Diana Shipping Q1 results top Street view

* Q1 EPS $0.36 vs est. of $0.34

* Q1 revenue of $62.2 mln tops estimates

* Fleet utilization touches 99.7 pct

May 26 (BestGrowthStock) – Diana Shipping Inc (DSX.N: ) posted
first-quarter earnings that edged past analyst estimates, aided
by a slight improvement in the utilization rate of its fleet.

In the latest quarter, the Greek dry-bulk carrier posted a
net income of $28.8 million, or 36 cents a share, compared with
$34.8 million, or 47 cents a share, a year ago.

Revenue for the quarter dropped marginally to about $62.2
million due to a fall in time charter rates.

Analysts, on average, were looking for earnings of 34 cents
a share, before items, on revenue of $57.9 million, according
to Thomson Reuters I/B/E/S.

Fleet utilization grew to 99.7 percent during the quarter,
with an increased fleet size of 22 vessels, from 98 percent
last year.

The company also said its board authorized a share buyback
of up to $100 million, which may be repurchased from time to
time until Dec. 31, 2011.

Shares of the Athens, Greece-based company closed at $13.22
Tuesday on the New York Stock Exchange.

Stock Market

(Reporting by Antonita Madonna Devotta in Bangalore; Editing
by Aradhana Aravindan) (([email protected];
within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800;
Reuters messaging: [email protected]))

UPDATE 1-Diana Shipping Q1 results top Street view