Categories Earnings, Industrials

Navios Maritime Q1 loss narrows on higher revenues; stock gains

Shipping and logistics company Navios Maritime Holdings  (NYSE: NM) Tuesday reported a narrower net loss for the first quarter of 2019, aided by a 20% increase in revenues. The stock gained sharply after the announcement.

Net loss narrowed sharply to $5.3 million in the first quarter from $40.86 million in the corresponding period last year. On a per share basis, the company reported earnings of $1.22 per share, compared to a loss of $3.53 per share a year earlier. Analysts had forecast a loss.

Adjusted for special items, the loss was $0.19 per share, compared to a loss of $2.98 per share last year. Navios’ profitability continues to be hit by high costs, especially voyage and logistics business expenses and direct vessel expenses.

Profitability continues to be hit by high costs, especially voyage and logistics business expenses and direct vessel expenses

At $140.28 million, net revenues were higher by 20% from the first quarter of 2018. The top line, meanwhile, fell short of expectations.

“We are continuing to develop our logistics chain in South America. We are in the preliminary stages of constructing a modern upriver port facility in Mato Grosso do Sul, a fertile region exporting grains. This new port should provide a service to the region and create additional volume on the river for our barge business and grain transshipment terminal in Uruguay,” said CEO Angeliki Frangou.

Also see: Logistics giants face turbulence

Last month, the company entered into a secured credit facility of $50 million with Navios Logistics, which will be used for general corporate purposes. Since the beginning of last year, Navios Holdings has reduced the average age of its owned fleet by 20% and lowered capacity by 2%.

Navios shares lost about 52% in the past twelve months. The stock, which entered the recovery path in recent months, has gained 21% since the beginning of the year. It moved notably in premarket trading Tuesday following the announcement, after closing the last trading session lower.

Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text

Most Popular

McCormick (MKC) expects pricing to drive sales growth for the full year of 2022

Shares of McCormick & Co. Inc. (NYSE: MKC) were up on Thursday after the company beat sales estimates for the third quarter of 2022. Adjusted earnings, however, decreased from the

STZ Infographic: Highlights of Constellation Brands’ Q2 2023 earnings results

Constellation Brands, Inc. (NYSE: STZ) announced second-quarter 2023 earnings results on Thursday, reporting a 12% increase in net sales. Comparable earnings, adjusted for one-off items, climbed 33% year-over-year to $3.17

Conagra Brands (CAG) Q1 earnings beat estimates on higher revenues

Packaged Foods company Conagra Brands Inc. (NYSE: CAG) on Thursday said its first-quarter profit increased supported by a 10% revenue growth. Earnings also came in above the consensus forecast. At $2.90

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top