Navios Maritime Holdings (NM) Misses Q1 EPS by 4c, Miss on Revenues

Navios Maritime Holdings (NYSE: NM) reported Q1 EPS of ($0.30), $0.04 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $116 million versus the consensus estimate of $128 million.

Angeliki Frangou, Chairman and Chief Executive Officer, stated, "I am pleased with the results of the first quarter of 2018, for which we reported revenue and Adjusted EBITDA of $116.9 million and $28 million, respectively. We are beginning to see the effect of healthier charter markets on our business results. Rates for dry bulk vessels improved materially, with the TCE rate for Q1 of 2018 about 40% higher than Q1 of 2017.”

Angeliki Frangou continued, "Navios is a global brand with significant scale managing 208 vessels. Navios Holdings directly controls 72 modern dry bulk vessels. Since the beginning of 2017, we have increased our fleet by 11%. Our dry bulk fleet, with an average age of 7.7 years, is 16% younger than the industry average age. We believe we are a premiere operator, generating significant operating leverage and enabling us to achieve substantial cost savings. By design, to take advantage of an improving market, we have maintained market exposure for almost 2/3 of available days for the remaining nine months of 2018."

• $116.9 million revenue for Q1 2018
• $17.8 million net cash from operating activities for Q1 2018
• $28.1 million Adjusted EBITDA for Q1 2018; 60% increase vs Q1 2017
• Premiere operator in dry bulk sector; 200+ vessel under management
• Renewing and Expanding Fleet; 2017-2018YTD added seven vessels (net)
• Positioned to capture market recovery; 10,870 days market exposure
• 40% increase in TCE for Q1 2018 vs Q1 2017
• $121.9 million cash as of March 31, 2018

For earnings history and earnings-related data on Navios Maritime Holdings (NM) click here.

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