Navios Maritime Stock Slips Post Q1 Results

  • Navios Maritime Holdings Inc. NM reported first-quarter revenue growth of 9.3% year-over-year to $127.79 million. Adjusted EPS improved to $0.62 from $(0.50) in 1Q21.
  • Time Charter Equivalent (TCE) for the quarter was $21,767 per day compared to $14,404 per day in 1Q21.
  • Navios Maritime generated cash from operating activities in Q1 of $16.4 million, compared to cash used of $(27.4) million a year ago.
  • Adjusted EBITDA improved by 50% Y/Y to $73.8 million, and margin expanded by 1,567 bps to 57.7%.
  • Navios controls a fleet of 36 vessels totaling 3.9 million dwt, of which 25 are owned, and 11 are chartered in under long-term charters.
  • As of May 13, 2022, Navios has chartered out 77.1% of available days for the remaining nine months of 2022, at an average contracted daily charter-in rate for the long-term charter-in vessels of $15,774 per day.
  • In January, the company repaid $614.3 million of its 7.375% First Priority Ship Mortgage Notes.
  • Price Action: NM shares are trading lower by 4.69% at $3.45 on the last check Thursday.

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