- Eneti Inc NETI reported a third-quarter Vessel revenue decline of 26.4% year-over-year to $34.36 million, beating the consensus of $28.51 million.
- Loss per share narrowed to $(0.06) from $(3.12) a year ago.
- Total operating expenses increased 9.7% Y/Y to $79.54 million, and operating loss expanded to $(45.18) million from $(25.84) million a year ago.
- Adjusted EBITDA was $0.7 million, compared to $5.73 million in 3Q20, and margin contracted by 1,032 bps to 1.9%.
- Eneti generated cash from operating activities year-to-date of $9.64 million, compared to cash used of $47.65 million a year ago.
- In November, the company raised net proceeds of ~$166.6 million in a public offering of ~19.4 million shares of its common stock at $9.00 per share.
- The company declared a quarterly cash dividend of $0.01 per share, payable on December 29, 2021, to all shareholders of record as of December 20, 2021.
- As of December 3, 2021, Eneti had $31.9 million remaining under the authorized share repurchase program.
- Price Action: NETI shares are trading lower by 8.08% at $8.08 on the last check Wednesday.
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