- Navios Maritime Holdings Inc. NM reported first-quarter FY23 revenue (from continuing operations) growth of 10.6% year-over-year to $65.41 million.
- Basic EPS attributable to Navios Holdings' common stockholders from continuing operations improved to $0.26 from $(0.74) in 1Q22.
- EBITDA from continuing operations increased by 21.6% Y/Y to $40.47 million, and the margin expanded by 561 bps to 61.9%.
- Navios Logistics' EBITDA increased by ~9% to $26.0 million for the quarter, compared to $23.9 million in 1Q22.
- Q1 Iron ore port transhipments increased to 828 thousand tons, compared to 41 thousand tons for the same period in 2022.
- Six dry barge convoys, with a combined projected income of $27.0 million, have been fixed by Navios Logistics under period contracts with durations up to December 2024.
- Also Read: Navios Maritime Partners Q1: Earnings Miss, 31% Revenue Growth, Modernizing Fleet & More
- Navios Maritime's cash and equivalents totaled $61.46 million as of March 31, 2023.
- "Navios Holdings' primary focus is on its controlling interest in Navios South American Logistics, a logistics and infrastructure provider in the Hidrovia region of South America. With global macro conditions supporting growth in the Hidrovia region, we are seeking to maximize the return on our unique infrastructure assets by adapting to changing conditions and offering innovative logistics solutions to existing and new clients," commented Angeliki Frangou, Chairwoman and Chief Executive Officer.
- Price Action: NM shares are trading flat at $1.76 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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