Navios Maritime Acquisition (NNA) Misses Q4 EPS by 58c, Revenues Miss

February 6, 2019 7:20 AM EST

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Navios Maritime Acquisition (NYSE: NNA) reported Q4 EPS of ($1.33), $0.58 worse than the analyst estimate of ($0.75). Revenue for the quarter came in at $58.7 million versus the consensus estimate of $68.5 million.

  • Revenue: $58.7 million for Q4 2018; $187.9 million for 2018
  • Market improvement; Baltic TD3C TCE:
    • Q4 2018 was 2x Q4 2017
    • January 2019 was 3x January 2018
  • $72.5 million: value of Navios Europe I and Navios Europe II
  • Returning capital to stockholders:
    • Quarterly dividend: $0.30 per share
    • Stock repurchased YTD: 716,338 shares (5.2% of fully diluted shares)

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, “For the full year of 2018, Navios Acquisition reported revenue of $187.9 million and Adjusted EBITDA of $56.8 million. For the fourth quarter of 2018, we reported revenue of $58.7 million and Adjusted EBITDA of $20.9 million. We also declared a quarterly dividend of $0.30 per share for the fourth quarter, representing an annualized yield of 21.0% per share.”

Angeliki Frangou continued, “Tanker rates substantially improved during the fourth quarter of 2018, with the Baltic TD3C VLCC spot rate increasing by more than double to about $45,000 per day compared to the fourth quarter of 2017. Although VLCC rates have since retreated, rates for January 2019 were still almost three times higher than rates for January of 2018. In light of the rate improvement, the acquisition of Navios Midstream was timely, as well as accretive to our net asset value and cash flow.“

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

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