Navios Maritime Partners demonstrated strong financial performance and strategic fleet management, with significant contracted revenue growth and decreased leverage. However, challenges include decreased time charter rates for containers and tankers, and geopolitical risks affecting market stability. The company remains cautious but committed to its long-term strategy.

Company Guidance

During the Navios Maritime Partners' third-quarter 2024 earnings call, several key metrics and strategic initiatives were highlighted. The company reported a revenue of $340.8 million and a net income of $97.8 million for the quarter, with earnings per common unit at $3.20. Over the first nine months, revenue reached $1 billion and net income was $272.6 million, translating to earnings per common unit of $8.87. The company has a strong cash position with $331.9 million on its balance sheet and is on a path to reduce its net leverage to a target range of 20-25%, currently sitting at 32.9%. Navios Partners has returned $22.9 million to unitholders through dividends and a unit repurchase program, capturing a $33.7 million discount by repurchasing units below the analyst estimated NAV of $148 per unit. They have generated $25.9 million from vessel sales and invested $212 million in new acquisitions. The company's contracted revenue increased to $3.9 billion, adding $421.7 million in the third and fourth quarters to date. The fleet renewal strategy includes the delivery of 19 vessels and sale of 31 since 2022, with a focus on maintaining a modern and efficient fleet. Adjusted EBITDA has increased by 5% over the first nine months of 2023 and by 17.6% over the same period in 2022. The company remains vigilant amidst geopolitical risks and economic uncertainties, maintaining a strategic focus on fleet modernization, leverage reduction, and capital returns to unitholders.

Strong Financial Performance

Navios Partners reported Q3 2024 revenue of $340.8 million and net income of $97.8 million. For the first 9 months, revenue was $1 billion with net income of $272.6 million. Earnings per common unit were $3.20 for the quarter and $8.87 for the first 9 months.

Significant Contracted Revenue

Contracted revenue increased to $3.9 billion, up $200 million from the previous quarter, with $421.7 million added in Q3 2024.

Fleet Modernization and Expansion

Navios took delivery of 3 new vessels and has 27 additional newbuildings scheduled through 2028, representing $1.9 billion in investment.

Reduction in Net Leverage

Net leverage decreased to 32.9%, with a target net LTV range of 20%-25%.

Increased Time Charter Rates for Dry Bulk

Time charter rate for dry bulk fleet increased by 32% to $18,632 per day compared to Q3 2023.

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Navios Maritime Partners (NMM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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NMM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 01, 2018	2018 (Q2)	- / 0.75	0.45	66.67% (+0.30)	―	―
Nov 13, 2018	2018 (Q3)	- / 3.44	0.587	486.03% (+2.85)	―	―
Jan 31, 2019	2018 (Q4)	- / 0.28	1.116	-75.36% (-0.84)	―	―
May 03, 2019	2019 (Q1)	- / -0.15	0.653	-122.97% (-0.80)	―	―
Jul 31, 2019	2019 (Q2)	- / -0.13	0.75	-117.33% (-0.88)	―	―
Oct 31, 2019	2019 (Q3)	- / 1.67	3.44	-51.51% (-1.77)	―	―
Feb 10, 2020	2019 (Q4)	- / -2.75	0.275	-1101.82% (-3.03)	―	―
May 13, 2020	2020 (Q1)	- / -0.35	-0.15	-133.33% (-0.20)	―	―
Jul 29, 2020	2020 (Q2)	- / -0.71	-0.13	-446.15% (-0.58)	―	―
Nov 05, 2020	2020 (Q3)	- / 0.78	1.668	-53.24% (-0.89)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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NMM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 05, 2024	$53.77	$53.88	+0.20%
Aug 20, 2024	$47.30	$54.86	+15.98%
May 14, 2024	$48.56	$45.38	-6.55%
Feb 13, 2024	$29.76	$29.39	-1.24%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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