Seanergy Maritime (SHIP) Misses Q2 EPS by 11c, Revenues Miss

Seanergy Maritime (NASDAQ: SHIP) reported Q2 EPS of ($0.65), $0.11 worse than the analyst estimate of ($0.54). Revenue for the quarter came in at $9.04 million versus the consensus estimate of $13.94 million.

Highlights of the Second Quarter of 2020:

• Net revenues after voyage expenses: $4.7 million in Q2 2020 compared to $8.0 million in Q2 2019
• Net loss: $11.3 million in Q2 2020, as compared to $6.9 million in Q2 2019
• EBITDA1: ($2.1) million in Q2 2020, as compared to $1.7 million in Q2 2019

Second Quarter of 2020 and Recent Developments:

• Delivered one vessel to Glencore under a long-term time-charter following scrubber installation
• Successfully completed a series of equity capital markets transactions
• Acquired one Capesize vessel with prompt delivery
• Completed refinancing of a facility achieving a gain of $5.6 million
• Effected a 16-1 Reverse Stock Split
• Regained compliance with the Nasdaq minimum bid price requirement

For earnings history and earnings-related data on Seanergy Maritime (SHIP) click here.

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