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Navios Maritime Partners Registers ~85% Top-Line Growth In Q2; Plans Massive Stock Buyback

·2 min read
  • Navios Maritime Partners L.P. (NYSE: NMM) reported second-quarter revenue growth of 84.7% year-over-year to $280.66 million, missing the consensus of $289.02 million.

  • Adjusted EPS was $3.83, missing the consensus of $3.87.

  • The company attributed higher revenue to the increase in the size of its fleet and Time Charter Equivalent (TCE) rate.

  • Adjusted EBITDA increased to $163.48 million (+81% Y/Y), and margin contracted by 124 bps to 58.3%.

  • The TCE rate increased by 17.4% to $23,823 per day, compared to $20,296 per day a year ago, and the available days of the fleet increased by 55.6% to 11,269 days.

  • Net cash provided by operating activities year-to-date totaled $147.16 million, compared to $77.25 million a year ago.

  • The company held ~$174.62 million in cash and equivalents as of June 30, 2022.

  • Navios Partners authorized a common unit repurchase program for up to $100 million. This program would cover approximately 17% of the public float at current prices.

  • Dividend: NMM declared a cash distribution for the second quarter of 2022 of $0.05 per unit, payable on August 12, 2022, to all unitholders of record as of August 9, 2022.

  • Recently, Navios Partners agreed to acquire a 36-vessel dry bulk fleet for a gross purchase price of $835 million, including the assumption of $441.6 million of bank liabilities, bareboat obligations, and finance leasing obligations.

  • The fleet consists of 26 owned vessels and 10 chartered-in vessels with a total capacity of 3.9 million dwt and an average age of 9.6 years.

  • Price Action: NMM shares are trading higher by 14.25% at $28.39 on the last check Thursday.

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