Eneti Registers 26% Revenue Decline In Q3

Eneti Inc NETI reported a third-quarter Vessel revenue decline of 26.4% year-over-year to $34.36 million, beating the consensus of $28.51 million.
Loss per share narrowed to $(0.06) from $(3.12) a year ago.
Total operating expenses increased 9.7% Y/Y to $79.54 million, and operating loss expanded to $(45.18) million from $(25.84) million a year ago.
Adjusted EBITDA was $0.7 million, compared to $5.73 million in 3Q20, and margin contracted by 1,032 bps to 1.9%.
Eneti generated cash from operating activities year-to-date of $9.64 million, compared to cash used of $47.65 million a year ago.
In November, the company raised net proceeds of ~$166.6 million in a public offering of ~19.4 million shares of its common stock at $9.00 per share.
The company declared a quarterly cash dividend of $0.01 per share, payable on December 29, 2021, to all shareholders of record as of December 20, 2021.
As of December 3, 2021, Eneti had $31.9 million remaining under the authorized share repurchase program.
Price Action: NETI shares are trading lower by 8.08% at $8.08 on the last check Wednesday.