Business
United Maritime Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024 and Declares Dividend of $0.075 Per Share
Highlights (in million USD, except EPS & LPS) Q2 2024Q2 20236M 20246M 2023Net Revenues $12.4$10.0$23.0$12.8Net income / (loss) $0.7($3.0)($0.7)($7.9)Adjusted
About this update from United Maritime Corporation
[{"type":"text","content":" Highlights (in million USD, except EPS & LPS) Q2 2024Q2 20236M 20246M 2023Net Revenues $12.4$10.0$23.0$12.8Net income / (loss) $0.7($3.0)($0.7)($7.9)Adjusted net income / (loss)1 $0.9($2.1)($0.2)($5.7)EBITDA1 $6.0$1.1$9.5($1.6)Adjusted EBITDA1 $6.3$2.0$10.0$0.6 Earnings / (loss) per share Basic $0.08($0.37)($0.08)($0.99)Earnings / (loss) per share Diluted $0.07($0.37)($0.08)($0.99)Adjusted earnings / (loss) per share Basic1 $0.10($0.25)($0.02)($0.72)Adjusted earnings / (loss) per share Diluted1 $0.09($0.25)($0.02)($0.72) Other Highlights and Developments: Quarterly cash dividend of $0.075 per share for Q2 2024Total cash dividends of $1.525 per share or $12.0 million declared since November 2022, representing approximately 60% of United’s market capitalization2Completion of the sale of a 2010-built Chinese Kamsarmax at a profitNew initiatives adhering to our strategy for a diversified investment approach: Minority investment in a newbuilding energy construction offshore vessel (“ECV”) projectParticipation in a tanker time-charter agreement Aggregate financings of $48.3 million year-to-date __________________1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.2 Based on the closing price on August 5, 2024. GLYFADA, Greece, Aug. 06, 2024 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the second quarter and six months ended June 30, 2024. The Company also declared a quarterly dividend of $0.075 per common share for the second quarter of 2024. For the quarter ended June 30, 2024, the Company generated Net Revenues of $12.4 million compared to $10.0 million in the second quarter of 2023. Net Income and Adjusted Net Income for the quarter were $0.7 million and $0.9 million, respectively, compared to Net Loss of $3.0 million and Adjusted Net Loss of $2.1 million in the second quarter of 2023. Adjusted EBITDA1 for the quarter was $6.3 million, compared to $2.0 million for the same period of 2023. The Time Charter Equivalent rate (“TCE rate”)3 of the fleet for the second quarter of 2024 was $1...