Pyxis Tankers Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-12
Pyxis Tankers Inc. Reports Q2 2024 Financial Results
Maroussi, Greece, August 12, 2024 – Pyxis Tankers Inc. (NASDAQ: PXS), an international shipping company, announced its unaudited financial results for the three-month period ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $13.9 million | - | $9.5 million | +46.3% | - | $13.25 million |
| EPS (Basic) | $0.48 | - | $0.25 | +92.0% | - | $0 |
| EPS (Diluted) | $0.43 | - | $0.23 | +87.0% | - | - |
| Adjusted EBITDA | $8.0 million | - | $5.2 million | +53.8% | - | - |
| Net Income (Common Shareholders) | $5.0 million | - | $2.8 million | +78.6% | - | - |
The results for Q2 2024 show a significant improvement year-over-year (YoY), with a 46.3% increase in total revenue and a 92.0% increase in basic earnings per share (EPS). The company exceeded the consensus revenue estimate of $13.25 million. Adjusted EBITDA also saw a notable YoY increase of 53.8%.
Segment Performance
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | Q2 2023 Revenue | QoQ Change | YoY Change | Guidance |
|---|---|---|---|---|---|---|
| MR Tankers | $12.2 million | - | - | - | - | - |
| Dry Bulk | $1.7 million | - | - | - | - | - |
The MR tanker fleet achieved an average daily Time Charter Equivalent (TCE) rate of $32,868, a 31.5% increase from $25,000 in Q2 2023. The newly acquired dry bulk fleet achieved an average TCE rate of $22,333 for Q2 2024.
Operational Data
While the specific operational data was not presented in the earnings release, the company highlighted favorable market conditions and increased utilization rates as key drivers for the improvements.
Management Comments
Valentios Valentis, Chairman and CEO, stated, "We are pleased to report strong results for the second fiscal quarter of 2024 with revenues of $13.9 million and net income attributable to common shareholders of $5.0 million. The product tanker sector continues to experience robust activity driven by global demand for transportation fuels. We have now expanded into the dry bulk sector and anticipate solid global demand for seaborne cargoes."
Dividends and Share Repurchase Program
The company did not announce any new dividends in this report but highlighted the repurchase of 39,223 shares at an average price of $4.66 per share. This forms part of the authorized $3.0 million share repurchase program, which has a total of 415,371 shares repurchased under the program so far.
Forward Guidance
The company did not provide specific forward guidance but mentioned that they expect the chartering environment for product tankers and dry-bulk carriers to remain constructive in the near term.
Stock Price Movement
Following the earnings release, Pyxis Tankers Inc.'s stock price decreased by approximately 0.72%.
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In this structured format, the report provides a thorough summary of Pyxis Tankers Inc.'s earnings for Q2 2024, highlighting key financial metrics, segment performance, operational data, and other relevant information based on the data provided.
