Navios Maritime Holdings Q3 Loss Marginally Wider Than Expected
Navios Maritime Holdings shares were buoyant following the release of the company's Q3 results. For the quarter, the firm took in revenue of $122.3 million, down substantially from the $163.9 million in the same period the previous year. Over that same stretch of time the company flipped to an attributable net loss of $13.0 million ($0.13 per diluted share), compared to a Q3 2012 profit of $4.6 million ($0.04).
Analysts had been expecting revenue of $124.5 million and a per-share loss of $0.12.
In spite of the red ink, Navios Maritime Holdings says that it is well positioned to sail the rough seas of its industry. In the press release detailing the results, the company quoted its CEO Angeliki Frangou as saying that "when the rate and charter period markets were robust, we entered into long-term charters-out, generating stable cash flow that allowed us the latitude to position ourselves for a difficult market."
That cash flow has allowed the firm to maintain its dividend policy. Concurrent with the release of the quarterly results, it declared its latest shareholder distribution. Each owner of common stock will receive $0.06 per share, payable on Dec. 20 provided they hold their stock as of Dec. 12. That amount matches all of the company's preceding distributions stretching back to April 2009.
Following the announcement of the results, the company's stock rose by 2.7%, or $0.21, to close at $7.88 Monday afternoon.
The article Navios Maritime Holdings Q3 Loss Marginally Wider Than Expected originally appeared on Fool.com.
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