Free Post Earnings Research Report: Safe Bulkers’ Revenue Surged 31%; Turned Profitable

LONDON, UK / ACCESSWIRE / June 27, 2018 / If you want access to our free earnings report on Safe Bulkers, Inc. (NYSE: SB), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SB. Safe Bulkers reported its first quarter fiscal 2018 operating and financial results on May 29, 2018. The shipping Company outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Safe Bulkers most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the three-month period ended March 31, 2018, Safe Bulkers’ net revenues surged 31% to $43.5 million compared to $33.3 million in Q1 2017. The Company’s reported numbers beat analysts’estimates of $41.3 million.

During Q1 2018, Safe Bulkers’ time charter equivalent per vessel increased by 27% to $11,999 per day from $9,417 per day during Q1 2017. The Company’s daily vessel running expenses increased by 15% to $4,132 compared to $3,596 for the year earlier same period.

Safe Bulkers’ earnings before interest, tax, depreciation, and amortization (EBITDA) soared 53% to $23.5 million for Q1 2018 compared to $15.4 million during Q1 2017. The Company’s adjusted EBITDA for the reported quarter advanced 53% to $23.2 million from $15.2 million in the year earlier corresponding quarter.

During Q1 2018, Safe Bulkers’ net income was $6.0 million, or $0.03 per share, calculated on a weighted average number of 101,540,728 shares compared to a net loss of $3.3 million, or $0.07 per share, calculated on a weighted average number of 99,284,181 shares in Q1 2017.

For Q1 2018, Safe Bulkers’ adjusted net income was $5.7 million, or $0.03 per share, compared to an adjusted net loss of $3.4 million, or $0.07 per share, in Q1 2017. The Company’s earnings numbers surpassed Wall Street’s estimates of $0.02 per share.

Fleet and Employment Profile

As of May 24, 2018, Safe Bulkers’ operational fleet was comprised of 39 drybulk vessels with an average age of 7.9 years and an aggregate carrying capacity of 3.5 million deadweight tons(dwt).

Safe Bulkers’ fleet consisted of 14 Panamax class vessels, 9 Kamsarmax class vessels, 13 post- Panamax class vessels, and 3 Capesize class vessels, all built 2003 onwards. Upon delivery of the Company’s last contracted drybulk newbuild Kamsarmax class vessel, which is scheduled for delivery in June 2018, and assuming no additional vessel acquisitions or disposals, Safe Bulkers’ fleet will comprise of 40 vessels, 11 of which will be eco-design vessels, with an aggregate carrying capacity of 3.6 million dwt.

Order book and financial position

As of May 24, 2018, Safe Bulkers’ remaining order book consisted of one newbuild vessel, Hull No. 1552, with scheduled delivery date in June 2018.

Safe Bulkers’ aggregate remaining capital expenditure, relating to the purchase consideration of the newbuild, amounted to $21.6 million payable within 2018. The Company stated that it has agreed to finance Hull No. 1552 by one of its wholly-owned subsidiaries issuing $16.9 million of preferred equity to an unaffiliated investor in 2018.

As of May 24, 2018, Safe Bulkers had liquidity of $105.0 million consisting of $69.4 million in cash and bank time deposits, $9.8 million in restricted cash, and $25.8 million net available under committed loan facilities in addition to $16.9 million of preferred equity and the capacity to borrow against one unencumbered vessel.

Stock Performance Snapshot

June 26, 2018 – At Tuesday’s closing bell, Safe Bulkers’ stock slightly fell 0.27%, ending the trading session at $3.70.

Volume traded for the day: 686.81 thousand shares, which was above the 3-month average volume of 461.29 thousand shares.

Stock performance in the last month – up 21.71%; previous three-month period – up 15.63%; past twelve-month period – up 67.42%; and year-to-date – up 14.55%

After yesterday’s close, Safe Bulkers’ market cap was at $372.74 million.

The stock is part of the Services sector, categorized under the Shipping industry. This sector was up 0.3% at the end of the session.

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