Navios Maritime Partners (NMM) Tops Q2 EPS by 2c, Revenues Beat
Get Alerts NMM Hot Sheet
Join SI Premium – FREE
Navios Maritime Partners (NYSE: NMM) reported Q2 EPS of $0.05, $0.02 better than the analyst estimate of $0.03. Revenue for the quarter came in at $58.2 million versus the consensus estimate of $53.27 million.
- Revenue: $58.2 million in Q2; $111.2 million for the six months
- Net cash from operating activities: $24.8 million in Q2; $31.3 million for the six months
- Adjusted EBITDA: $34.7 million in Q2; $66.2 million for the six months
- Agreement to acquire two 2016-built drybulk vessels for $79.0 million
- Sale of two containerships for $67.0 million
- Quarterly cash distribution of $0.02 per unit
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the second quarter, for which Navios Partners had $34.7 million of adjusted EBITDA and reported $9.2 million of adjusted net income. We declared a quarterly distribution of $0.02 per unit for the second quarter, representing a current yield of approximately 4%.”
Angeliki Frangou continued, “Over the past two years, we used excess cash flow from operations and financing activities to renew and expand our fleet to 35 drybulk vessels. We also leveraged historic weakness in the container sector by establishing Navios Maritime Containers Inc., a growth vehicle with 26 containerships. Having taken advantage of these opportunities, we restored distributions to unitholders in the first quarter of this year and are seeking to deleverage with excess cash flow and the contemplated sale of our remaining containerships. If and when these sales are completed, Navios Partners will host the drybulk business and Navios Containers will hold the container business, thereby simplifying our business structure.”
For earnings history and earnings-related data on Navios Maritime Partners (NMM) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Impinj (PI) Tops Q1 EPS by 11c, provides guidance
- IBM (IBM) announces mixed Q1 results, HashiCorp acquisition; shares down
- ESSA Bancorp (ESSA) Tops Q2 EPS by 13c
Create E-mail Alert Related Categories
Earnings, Guidance, Management CommentsRelated Entities
Earnings, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!