Eagle Bulk Shipping Clocks 146% Revenue Growth In Q4

Eagle Bulk Shipping Clocks 146% Revenue Growth In Q4
  • Eagle Bulk Shipping Inc. EGLE reported fourth-quarter revenue growth of 145.7% year-over-year to $184.71 million, beating the consensus of $152.12 million.
  • The increase in revenue was due to a significant increase in charter hire rates and an increase in available days.
  • TCE was $29,407/day for the quarter (+162.8% Y/Y), and TCE Revenue was $132.98 million.
  • Adjusted EPS improved to $4.28 from $(0.29) a year ago, missing the estimate of $6.00.
  • The operating margin expanded to 50.2% from 10.4% in 4Q20.
  • Adjusted EBITDA was $91.57 million, from $18.86 million a year ago, and margin expanded to 49.6% from 25.1% a year ago.
  • Vessel operating expenses were $30.6 million compared to $20.8 million in 4Q20.
  • Fleet Utilization for the quarter was 99.9% versus 99.1% in 4Q20.
  • Dividend: The company declared a quarterly dividend of $2.05 per share, payable on March 25, 2022, to shareholders of record on March 15, 2022.
  • Eagle Bulk generated cash from operating activities of $209.17 million in FY21, compared to $12.59 million a year ago.
  • The company held cash and equivalents of $86.2 million as of December 31, 2021, and outstanding debt was $401.7 million.
  • As of March 2, 2022, the company has fixed 95% of available days for 1Q22 at a net TCE of $27,200 per day.
  • Price Action: EGLE shares closed lower by 0.05% at $55.78 on Thursday.

Posted In: BriefsEarningsNewsSmall Cap