Navios Maritime Holdings (NM) Reports Q1 Loss of $1.95, Revenues Miss

Navios Maritime Holdings (NYSE: NM) reported Q1 EPS of ($1.95), versus ($0.17) reported last year. Revenue for the quarter came in at $91.1 million versus the consensus estimate of $146 million.

• Revenue
  • $91.1 million for Q1 2020
• Cash used in operating activities
  • $1.5 million for Q1 2020
• Adjusted EBITDA (a non-GAAP measure)
  • $28.7 million for Q1 2020

Angeliki Frangou, Chairman and Chief Executive Officer, stated, “While the humanitarian crises caused by the pandemic has been heart breaking, we have also been strengthened by the courage and compassion of the first responders, particularly the many dedicated health care workers. I am proud of the members of the Navios family as they have shown admirable resilience during this unprecedented time of uncertainty, and we have taken the necessary measures to ensure safety of our people while keeping our fleet functioning.”

Angeliki Frangou continued, “For the first quarter of 2020, Navios Holdings reported revenue of $91.1 million, Adjusted EBITDA of $28.7 million and a TCE equivalent of $7,082. We experienced weak charter rates in the drybulk market in the first quarter and so far in the second quarter. Year to date 2020, the capesize 5TC rate averaged around $5,000 per day versus the 2019 average of $18,000 per day. We anticipate growth in the second half of the year as global economic activity returns.”

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

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