Navios Maritime Acquisition (NNA) Misses Q3 EPS by 81c, Revenues Miss

Navios Maritime Acquisition (NYSE: NNA) reported Q3 EPS of ($1.20), $0.81 worse than the analyst estimate of ($0.39). Revenue for the quarter came in at $58.97 million versus the consensus estimate of $84 million.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “I am pleased with our results for the third quarter of 2019. Navios Acquisition recorded revenue of $59.0 million and Adjusted EBITDA of $23.9 million, reflecting increases of about 42% and 142%, respectively, over the third quarter of 2018. We declared a quarterly distribution of $0.30 cents per share for the third quarter of 2019, for a current yield of about 16%.”

Angeliki Frangou continued, “In a robust tanker rate market, we have a good mix of fixed revenue and market exposure. We have cash flow visibility from $430.0 million in long-term contracted revenue. About 43% of available days in 2020 are fixed, almost half of which with profit sharing. At the same time, we are positioned to capture upside, as 61.7% of available days in 2020 are open or on floating rates. All of our delivered tankers are on the water generating revenue, as we have no tankers now being fit with scrubbers.“

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

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