Pyxis Tankers Q2 swings to profit on higher charter rates and strong fleet utilization - PXS News | RalliesPyxis Tankers Q2 swings to profit on higher charter rates and strong fleet utilization
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PXS• Outlook
- Pyxis Tankers has contracted 87% of Q3 fleet days at an estimated TCE rate of $22,250/day
- MR tanker fleet is fully contracted for Q3 at an estimated TCE rate of $22,000/day
- Company expects some moderation in freight premiums but sees support from refinery margins and trade dislocation
Q2 results
- Diversified shipper's Q2 revenue rose 33% yr/yr, swinging to net profit
- Adjusted EBITDA for Q2 more than quadrupled yr/yr to $6.5 mln
- Results driven by higher dry-bulk charter rates and strong fleet utilization
Analyst coverage
- The one available analyst rating on the shares is "buy"
- The average consensus recommendation for the marine freight & logistics peer group is "buy"
- Wall Street's median 12-month price target for Pyxis Tankers Inc is $10.00, about 86.6% above its August 28 closing price of $5.36
Result drivers and key details
- Dry-bulk charter rates - Co said higher charter rates and utilization in dry-bulk fleet drove revenue and profit growth
- - Co said higher charter rates in MR tanker fleet contributed to improved results
MR tanker charter rates
General & admin expenses - Co said lower general and administrative expenses due to absence of prior-year one-time bonus supported profit growth | | | |
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| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 Revenue | | $12.10 mln | $11.38 mln (1 Analyst) |
| Q2 EPS | | $0.27 | |
| Q2 Net Income Attributable to Common Shareholders | | $2.80 mln | |
| Q2 Adjusted EBITDA | | $6.50 mln | $5.24 mln (1 Analyst) |
| Q2 Operating Expenses | | $3.80 mln | |
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