Navios Maritime Acquisition (NNA) Tops Q1 EPS by 38c, Revenues Beat

May 13, 2019 7:17 AM EDT

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Navios Maritime Acquisition (NYSE: NNA) reported Q1 EPS of $0.06, $0.38 better than the analyst estimate of ($0.32). Revenue for the quarter came in at $77.1 million versus the consensus estimate of $68.1 million.

  • 67.1% increase in Q1 2019 revenue to $77.1 million
  • $9.9 million net cash from operating activities for Q1 2019
  • 5x increase in Q1 2019 EBITDA to $41.7 million
  • $0.9 million net income in Q1 2019; $0.06 earnings per share
  • Fleet Renewal:° 2 VLCC newbuilding under bareboat lease ordered in 2018° Option for 3rd VLCC newbuilding under bareboat lease exercised in Q1 2019° Sale of the two oldest VLCCs of the fleet
  • $103.2 million sale and leaseback agreement
  • Returning capital to stockholders:° Quarterly dividend: $0.30 per share ° Total stock repurchased: 735,251 shares (5.4% of fully diluted shares)

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “I am pleased to report that for the first quarter of 2019, Navios Acquisition recorded revenue of $77.1 million, EBITDA of $41.7 million and net income of $0.9 million. We declared a quarterly distribution of $0.30 per share for Q1, and repurchased about 735,000 shares since the program was initiated, together providing a total annualized return of about 22%.”

Angeliki Frangou continued, “We began to renew our fleet a couple of years ago when asset values were weak. We are selling older vessels for scrap and committing to new bareboat charters. We recently sold two vessels over 18 years of age and exercised an option to bareboat-in a third new Japanese-built VLCC with an implied purchase price of $84.5 million. The VLCC is expected to deliver to our fleet in Q3 2021 with a bareboat charter for 12 years and de-escalating purchase options.“

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

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