Shares of Eneti ( NYSE: NETI ) rose as much as 14% on Thursday after the company reported Q4 profit vs. year-ago loss and beat revenue estimates.
NETI posted Q4 GAAP EPS of $0.32 vs. loss per share of $1.12 a year earlier. Revenue came in at $46.6M, up +118.6% Y/Y, and ahead of consensus by $14.31M.
EBITDA for the fourth quarter was $20.9 million vs. a loss of $23.9 million last year.
The company also declared a quarterly cash dividend one cent per share on its common shares, in line with previous quarter.
During Q4, company's unit Seajacks UK signed two new contracts in NW Europe for one of its NG2500-class vessels that will generate around $5.7 million and $7.1 million of revenue in 2023.
Seajacks UK also negotiated additional extensions for another NG2500-class vessel which have generated an additional €2.9 million over Q4 and Q1 of 2023.
The unit also extended an existing contract for its NG14000X-class vessel which generated an additional €2.6 million revenue during Q1.
Eneti has about $129.0 million in cash and cash equivalents, of which $1.9 million was restricted cash, as of February 3, 2023.
NETI stock rose 30.5% in 2022.
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Eneti stock pops 14% after Q4 results impress