Navios in Red, but Beats Estimates
Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share the average estimate of analysts who had forecast red ink for the dry bulk company.
According to Zacks Investment Research, based on 2 analysts' forecasts, the consensus EPS forecast for the quarter is $-0.34. The reported EPS for the same quarter last year was $0.01.
During the same quarter in the prior year, the company posted $0.01 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. On average, analysts predict that Navios Maritime Holdings will post $-0.68 earnings per share for the current fiscal year.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased to report revenue of $118.3 million and EBITDA of $26.2 million for the first quarter of 2015. We also announced a six cent dividend, representing a yield of about 6.8%."
Angeliki Frangou continued: "We are in a difficult market, perhaps one of the most difficult in the past 30 years. While rates are still low, we have seen them improve about 20% in the past three months. In the meantime, we have been positioning Navios Holdings to leverage its stable platform to changing market conditions by maintaining a strong balance sheet, pursuing operating efficiencies through our economies of scale and seeking unique opportunities emerging from this market."
