Eneti Stock Slips Post Q1 Results

Eneti Inc NETI reported a first-quarter revenue decline of 62.5% year-over-year to $22.44 million, beating the consensus of $18.11 million.
GAAP EPS was $0.11 versus $3.84 a year ago.
Eneti reported an operating loss of $(11.86) million, compared to a profit of $34.11 million a year ago.
EBITDA declined by 72.7% Y/Y to $14.22 million, and margin contracted 2,362 bps to 63.4%.
As of May 6, 2022, Eneti had $47.7 million of unrestricted cash and $8.9 million of restricted cash. The company also continues to hold approximately 2.16 million common shares of Scorpio Tankers Inc. STNG.
Dividend: Eneti declared a quarterly cash dividend of $0.01 per share, payable on or about June 15, 2022, to all shareholders of record as of May 23, 2022.
Price Action: NETI shares are trading lower by 13.9% at $5.13 on the last check Thursday.

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