Wednesday, Navios Maritime Holdings Inc. (NM), a shipping and logistics company, reported a sharp decline in the second quarter profit hurt mainly by significantly lower quarterly revenues. Net income for the quarter were also adversely affected by higher depreciation and amortization expenses and net interest expense.
The Piraeus, Greece-based company reported second-quarter net income of US$22.14 million or US$0.21 per share, compared to net income of US$79.17 million or US$0.72 per share in the same quarter last year.
On average, seven analysts polled by Thomson Reuters expected the company to earn US$0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Net income for the quarter was also impacted by an increase in the depreciation and amortization expenses, increase in net interest expense and the decrease in income tax expenses due to the write-off of deferred income taxes of US$57.3 million in the year ago quarter.
Revenue for the quarter declined to US$142.21 million from US$328.04 per share in the comparable quarter last year. Analysts expected the company to report revenue of US$120.29 million for the quarter.
General and administrative expenses for the quarter increased to US$10.56 million from US$9.06 million in the previous year quarter. Depreciation and amortization expenses increased to US$16.38 million from US$13.84 million in the prior year quarter. Net interest expense and finance cost was US$14.74 million, up from US$9.31 million in the year ago quarter.
Gain on derivatives for the quarter was US$0.65 million, compared to US$7.74 million a year ago. Gain on sale of assets/partial sale of subsidiary was US$16.79 million, up from US$0.17 million in the comparable quarter year ago.
For the six-month period, net income was US$34.13 million or US$0.33 per share, compared to net income of US$93.41 million or US$0.84 per share in the year ago period. Revenue for the period was US$289.38 million, down from US$654.55 million in the comparable period prior year.
The company also declared a quarterly cash dividend of US$0.06 per share of common stock, payable on October 2, 2009 to stockholders of record as of September 18, 2009.
NM closed Wednesday's regular trading at US$4.45, down US$0.12 or 2.63%, on a volume of 0.95 million shares on the NYSE. In after hours, the stock gained US$0.45 or 10.11%, trading at US$4.90.
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