08:20 AM EST, 11/04/2024 (MT Newswires) -- Algoma Central ( AGMJF ) said Monday that its net earnings increased in the third quarter despite a slight decline in revenue.

The company, which provides marine transportation that owns and operates dry and liquid bulk carriers, posted net earnings of $39.9 million, or $0.98 per diluted share, compared to $35.7 million, or $0.85 per diluted share.

Revenue was down to $204.6 million from $205.9 million.

"Following a challenging second quarter, it's encouraging to see stability in demand this quarter, along with promising signs of continued improvement as we approach year-end," President and CEO Gregg Ruhl said.

"With a larger grain crop this year, grain volumes in the fourth quarter are expected to be very strong. As we move into the winter months, we remain optimistic that salt cargo demand will improve from our key customer in this sector," Ruhl continued.

The company declared a quarterly dividend of $0.19 per share, payable Dec. 2 to shareholders of record on Nov. 18.