Navios Maritime Partners ( NYSE: NMM ) shares gained sharply on Thursday as the ambitious buyback program overshadowed weaker-than-expected earnings report .
The Monaco-based dry bulk operator said Board has approved to repurchase up to $100M of its shares, reflecting about 17% of float at the stock's last close. Timing and amount of repurchases yet to be determined.
Second quarter's revenue rose 84.7% from a year-ago to $280.7M; however, missed analysts estimates by $25.36M.
EBITDA increased to $163.5M vs. $90.4M in Q2 2021.
The TCE rate increased by 17.4% to $23,823 per day during the quarter, as compared to $20,296 per day in prior year quarter. While, the available days of the fleet increased by 55.6% to 11,269 days.
Fleet update year-to-date: $1.3B acquisition of vessels, comprising of $835M acquisition of 36-vessel drybulk fleet, $241.2M acquisition of two newbuilding LNG dual-fuel Containerships, and $234M acquisition of four newbuilding LR2/Aframax tankers
On an adjusted basis, the company made profit of $3.38 per share, below analysts' estimates of a $3.98 gain in earnings.
Guidance : Navios Partners said it expects to generate contracted revenue of approximately $427.7 million and $564.6 million for the remaining six months of 2022 and for 2023, respectively. The average expected daily charter-out rate for the fleet is $28,966 and $36,822 for the remaining six months of 2022 and for 2023, respectively.
NMM stock is up 14% Thursday at the current pixel time; however, down over 30% from its all-time high of $37.16 Quick comparison against the peers' stock price performance over the past 6-month:
The stock has secured Strong Buy across the board from SA Quant System , Wall Street Analysts and SA Authors.
On July 14, Author Bram de Haas wrote, "Navios Maritime Partners: Market Overly Pessimistic, Trading At A Discount"
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Navios Maritime Partners stock trades higher on big buyback announcement: Q2 Results