Global cargo and tanker vessels operator Navios Maritime (NYSE:NMM) has announced a better-than-expected set of first-quarter numbers on the bottom line front.
In Q1, the company’s top line rose 30.8% year-over-year to $309.5 million. EPS at $2.13 comfortably sailed past estimates by $0.30. The company is seeing topline gains from an increased fleet size and an increase in the time charter equivalent (TCE) rate.
Further, it is focusing on modernizing its fleet and realized gross proceeds of $242.2 million from the sale of 13 vessels during the quarter.
The company now has 81 dry-bulk vessels, 47 containerships, and 45 tanker vessels under its fleet and expects to generate $732.4 million and $720.3 million in contract revenue for the remaining nine months in 2023 and 2024, respectively.
NMM shares have corrected nearly 25.5% over the past year and the stock offers a reasonable return on equity of 28.1% over the trailing 12-month period.
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