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UPDATE 1-Navios Maritime Partners Q1 profit beats Street
April 28, 2010 / 11:52 AM / 8 years ago

UPDATE 1-Navios Maritime Partners Q1 profit beats Street

* Q1 EPS $0.39 vs est $0.36

* Q1 rev up 39 pct but misses Street

* Assumed better charter rates for its fleet in Q1

April 28 (Reuters) - Dry cargo vessel operator Navios Maritime Partners L.P. (NMM.N) reported quarterly profit that came in ahead of analysts’ estimates, helped by better charter rates for its fleet.

For the latest first quarter, net income was $12.6 million, or 39 cents a unit, compared with $9 million, or 41 cents a unit, last year.

Total revenues for the quarter rose 39 percent to $29.4 million, driven by a few vessel acquisitions last year.

Analysts, on average, expected the company to post earnings of 36 cents a share, excluding items, on revenue of $28.61 million, according to Thomson Reuters I/B/E/S.

Units of the company closed at $19.75 Tuesday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Jarshad Kakkrakandy)

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