Nordic American Tankers' Stellar Q1 Earnings: Beats Consensus With 461% YoY Revenue Boost

Nordic American Tankers Limited NAT reported a first-quarter FY23 revenue increase of 461.1% year-over-year to $87.09 million, beating the consensus of $80.03 million.

• EPS for the quarter improved to $0.22 from a loss per share of $(0.14) in 1Q22, beating the consensus of $0.20.
• NAT reported a net operating income of $54.68 million, compared to a loss of $(20.92) million a year ago.
• Adjusted EBITDA improved to $67.67 million from a loss of $(7.72) million a year ago. The margin was 77.7% for the quarter.
• Nordic American Tankers' net cash provided by operating activities for the quarter totaled $51.1 million versus $24.13 million on December 31, 2022.
• The company held cash and equivalents of $56.62 million as of March 31, 2023.
• The average time charter equivalent (TCE) for the first quarter was $51,902 per day per ship, up from the 4Q22 of $49,035 per day per vessel.
• NAT's Net Debt stood at $168 million, which equals $8.9 million per ship based on 19 vessels, as of March 31, 2023.  
• As of March 31, 2023, NAT's fleet consisted of 19 Suezmax tankers with a cargo lifting capacity of 1 million barrels of oil each.
• The company's 65% of spot voyage days for 2Q23 have been booked at an average TCE of $42,111 per day per ship.

Price Action: NAT shares are trading higher by 6.22% at $3.93 premarket on Monday.

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