Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six months period ended June 30, 2018, the company said in its press release.
Summary of Second Quarter 2018 Results
Net revenues for the second quarter of 2018 increased by 34% to $47.0 million from $35.0 million during the same period in 2017.
Net income for the second quarter of 2018 was $4.1 million as compared to a net loss of $1.6 million, during the same period in 2017. Adjusted net income 1 for the second quarter of 2018 was $4.8 million as compared to adjusted net loss 1 of $2.3 million, during the same period in 2017.
EBITDA 2 for the second quarter of 2018 increased by 32% to $22.4 million as compared to $17.0 million during the same period in 2017. Adjusted EBITDA 3 for the second quarter of 2018 increased by 43% to $23.1 million from $16.2 million during the same period in 2017.
Earnings per share 4 and Adjusted earnings per share 4 for the second quarter of 2018 were $0.01 and $0.02 respectively, calculated on a weighted average number of 101,549,872 shares, compared to a Loss per share 4 of $0.07 and Adjusted loss per share 4 of $0.07 during the same period in 2017, calculated on a weighted average number of 101,363,578 shares.
Summary of Six Months Ended June 30, 2018 Results
Net revenues for the six months of 2018 increased by 33% to $90.5 million from $68.3 million during the same period in 2017.
Net income for the six months of 2018 was $10.1 million as compared to a net loss of $4.9 million, during the same period in 2017. Adjusted net income 1 for the six months of 2018 was $10.5 million as compared to adjusted net loss 1 of $5.3 million, during the same period in 2017.
EBITDA 2 for the six months of 2018 increased by 42% to $45.9 million as compared to $32.3 million during the same period in 2017. Adjusted EBITDA 3 for the six months of 2018 increased by 45% to $46.3 million as compared to $31.9 million during the same period in 2017.
Earnings per share 4 and Adjusted earnings per share 4 for the six months of 2018 were $0.04 and $0.05, respectively, calculated on a weighted average number of 101,545,325 shares, as compared to Loss per share 4 and Adjusted Loss per share 4 of $0.13 and $0.14, respectively, during the same period in 2017, calculated on a weighted average number of 100,329,624 shares.