07:25 AM EDT, 08/02/2024 (MT Newswires) -- (Correcting second paragraph of the earnings stories to make it clear the net earnings are in $000s. A corrected version follows).

Algoma Central ( AGMJF ) , a provider of marine transportation services, on Friday reported lower earnings for the second quarter on lower-than-expected revenues.

Net earnings for the quarter were $17.464 million compared to net earnings of $33.144 million for the same period in 2023, reporting adjusted earnings per share of $0.44 compared to $0.79 a year earlier, and basis EPS of $0.44 versus $0.86 a year earlier.

Revenue for the quarter was $180.968 million, below the consensus forecast of $215.80 million at Capital IQ.

"Algoma encountered a challenging second quarter, but there are encouraging indications that volumes and margins will improve in the second half of the year," said CEO Gregg Ruhl said in a statement.