SHIP - Seanergy Maritime Non-GAAP EPS of -$0.02 revenue of $18M misses by $8.75M; initiates Q2 guidance

2023-06-14 02:36:33 ET

• Seanergy Maritime press release ( NASDAQ: SHIP ): Q1 Non-GAAP EPS of -$0.02.
• Revenue of $18M (-39.4% Y/Y) misses by $8.75M .
• EBITDA and Adjusted EBITDA for the quarter were $8.2 million and $3.9 million, respectively, compared to $12.8 million and $16.8 million, respectively, for the same period of 2022.
• The daily Time Charter Equivalent of the fleet for the first quarter of 2023 was $11,005, compared to $19,357 in the same period of 2022.
• Cash and cash-equivalents and restricted cash, as of March 31, 2023, stood at $20.5 million.
• Q2 outlook: As of the date hereof, approximately 75% of the Company fleet’s expected operating days in the second quarter of 2023 have been fixed at an estimated TCE of approximately $18,626. The estimated TCE for the second quarter of 2023 will be approximately $18,870.

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