Navios Maritime Partners' Q4 Results Miss Street View

Navios Maritime Partners L.P. NMM reported fourth-quarter revenue of $268.15 million, missing the consensus of $272.59 million. The company reported revenue of $69.23 million last year.
The increase in revenue was mainly attributable to the fleet's size and the Time Charter Equivalent (TCE) rate increase.
TCE rate increased by 64.1% to $23,005 per day compared to $14,021 per day for the same period in 2020.
Adjusted EPS improved to $4.03 from $1.12 in 4Q20, missing the consensus of $4.35.
Adjusted EBITDA increased to $156.64 million from $35.55 million last year, and margin expanded by 707 bps to 58.4%.
Net cash provided by operating activities for FY21 totaled $277.17 million, compared to $94.09 million a year ago.
The company held ~$169.45 million in cash and equivalents as of December 31, 2021.
In February 2022, the company sold two 2006-built Containerships for $220.0 million. Navios Partners owns and operates a fleet comprised of 54 dry bulk vessels, 47 containerships, and 45 tanker vessels.
Price Action: NMM shares are trading higher by 1.07% at $32.11 on the last check Thursday.

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