Navios Maritime Acquisition (NNA) Misses Q2 EPS by 75c, Revenues Miss

August 21, 2019 7:20 AM EDT

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Navios Maritime Acquisition (NYSE: NNA) reported Q2 EPS of ($1.23), $0.75 worse than the analyst estimate of ($0.48). Revenue for the quarter came in at $58.6 million versus the consensus estimate of $66.6 million.

  • Revenue:
    • 41.2% increase in Q2 2019 revenue to $58.6 million
    • 54.9% increase in H1 2019 revenue to $135.7 million
  • Term Loan B expected to be fully prepaid in H2 2019
    • 3% expected debt reduction ($33.4 million)
  • Fleet Renewal:
    • Sale of a 2002-built VLCC for $25.3 million

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, “I am pleased to report that for the second quarter of 2019, Navios Acquisition recorded revenue of $58.6 million and EBITDA of $24.5 million, increases of about 40% and 130%, respectively, over the second quarter of 2018. We continue to return capital to our investors and declared a quarterly distribution of $0.30 per share for the second quarter of 2019.”

Angeliki Frangou continued, “Navios Acquisition owns 41 diverse tankers with an average age of 8.1 years. We began renewing our VLCC fleet when values were weak. In 2019, we sold three of our oldest VLCCs and finalized the bareboat charters for three newbuild VLCCs for a 12-year period. These vessels will be delivered in 2020 and 2021. We view these bareboat deals as providing reasonable financing for new vessels, requiring no initial capital outlay. We are also pleased to announce that we expect to prepay the Term Loan B by the end of 2019. In addition to refinancing the Term Loan B, debt reduction is a priority, and we expect to reduce debt by 3%, or $33.4 million.”

For earnings history and earnings-related data on Navios Maritime Acquisition (NNA) click here.

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