Navios Maritime Partners Stock Slides After Q3 Results

Navios Maritime Partners L.P. NMM reported third-quarter revenue of $227.96 million, beating the consensus of $200.05 million. The company reported revenue of $64.5 million last year.
The increase in revenue was mainly attributable to the fleet's size and the Time Charter Equivalent rate.
Adjusted EPS improved to $4.77 from $0.78 in 3Q20, beating the consensus of $3.24.
Time Charter Equivalent (TCE) for the quarter was $26,054 per day, compared to $13,652 per day in Q3 2020.
Adjusted EBITDA increased to $145.2 million from $30.9 million last year.
Net cash provided by operating activities year-to-date was $148.15 million, compared to $68.7 million a year ago.
On October 15, 2021, Navios Maritime Partners completed its merger with Navios Maritime Acquisition Corp. Following the completion of the merger, Navios Maritime operates 54 dry bulk vessels, 43 containerships, and 45 tanker vessels.
The company held ~$141.2 million in cash and equivalents as of September 30, 2021.
Price Action: NMM shares are trading lower by 7.23% at $28.95 on the last check Wednesday.

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