Safe Bulkers reports Q3 2017 results
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and nine months period ended September 30, 2017.
Summary of Third Quarter 2017 Results
Net revenue for the third quarter of 2017 increased by 38% to $37.3 million from $27.1 million during the same period in 2016.
Net income for the third quarter of 2017 was $6.7 million as compared to net loss of $24.5 million, during the same period in 2016. Adjusted net loss 1 for the third quarter of 2017 was $1.8 million as compared to $9.0 million, during the same period in 2016.
EBITDA 2 for the third quarter of 2017 amounted to earnings of $27.4 million as compared to a loss of $6.2 million during the same period in 2016. Adjusted EBITDA 3 for the third quarter of 2017 increased by 103% to $18.9 million from $9.3 million during the same period in 2016.
Earnings per share 4 and Adjusted loss per share 4 for the third quarter of 2017 were $0.04 and $0.05 respectively, calculated on a weighted average number of 101,521,234 shares, as compared to a Loss per share of $0.34 and Ad justed loss per share of $0.15 during the same period in 2016, calculated on a weighted average number of 83,601,283 shares.
Summary of Nine Months Ended September 30, 2017 Results
Net revenues for the nine months of 2017 increased by 35% to $105.7 million from $78.1 million during the same period in 2016.
Net income for the nine months of 2017 was $1.9 million as compared to a net loss of $51.3 million, during the same period in 2016. Adjusted net loss for the nine months of 2017 was $7.1 million as compared to $32.0 million, during the same period in 2016.
EBITDA for the nine months of 2017 increased to $59.8 million as compared to $2.5 million during the same period in 2016. Adjusted EBITDA for the nine months of 2017 increased by 133% to $50.8 million as compared to $21.8 million during the same period in 2016.
Loss per share 4 and Adjusted loss per share for the nine months of 2017 were $0.10 and $0.19, respectively, calculated on a weighted average number of shares of 100,731,192, as compared to loss per share of $0.74 and Adjusted loss per share of $0.51 during the same period in 2016, calculated on a weighted av erage number of shares of 83,573,418.
About Safe Bulkers, Inc.
Safe Bulkers is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. Safe Bulkers’s common stock, series B preferred st ock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.B”, “SB.PR.C”, and “SB.PR.D”, respectively.