Business
United Maritime Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024 and Declares Cash Dividend of $0.075 Per Share
Highlights (in million USD, except LPS & EPS) Q3 2024Q3 20239M 20249M 2023Net Revenues $11.6$11.7$34.6$24.5Net (loss) / income ($0.9)$8.9($1.6)$0.9Adjusted
About this update from United Maritime Corporation
[{"type":"text","content":" Highlights (in million USD, except LPS & EPS) Q3 2024Q3 20239M 20249M 2023Net Revenues $11.6$11.7$34.6$24.5Net (loss) / income ($0.9)$8.9($1.6)$0.9Adjusted net (loss) / income 1 ($0.3)$9.2($0.5)$3.4EBITDA1 $4.5$13.5$14.0$11.9Adjusted EBITDA1 $5.1$13.8$15.1$14.4 (Loss) / Earnings per share Basic ($0.10)$1.00($0.18)$0.10(Loss) / Earnings per share Diluted ($0.10)$0.91($0.18)$0.09Adjusted (loss) / earnings per share Basic1 ($0.03)$1.03($0.06)$0.40Adjusted (loss) / earnings per share Diluted1 ($0.03)$0.95($0.06)$0.35 __________________________1 Adjusted (loss) / earnings per share, Adjusted Net (loss) / income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted (loss) / earnings per share, Adjusted Net (loss) / Income, EBITDA and Adjusted EBITDA to net (loss)/ income, the most directly comparable U.S. GAAP measure. Other Highlights and Developments: Consistent Shareholder Returns: Declared a quarterly cash dividend of $0.075 per share for Q3 2024, marking the eighth consecutive quarterly distribution. Since November 2022, the Company has declared total cash dividends of $1.60 per share, amounting to $12.7 million, representing a substantial portion of United’s market capitalization. Strategic Fleet Enhancement: Acquired a 2016-built Kamsarmax dry bulk vessel under an 18-month bareboat charter agreement with a purchase option, reinforcing our focus on fleet modernization and operational flexibility.Accretive Capital Management: Completed share buybacks worth approximately $0.4 million during the third quarter of 2024, demonstrating our confidence in the Company’s value. Total buybacks of $0.5 million in 2024 to date. Robust Financing Achievements: Secured $48.3 million in aggregate financings year-to-date, facilitating key strategic initiatives, including the successful exercise of advantageous purchase options for two Panamax vessels, positioning the Company for long-term growth. GLYFADA, Greece, Nov. 26, 2024 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the third quarter and nine months ended September 30, 2024. The Company also declared a quarterly dividend of $0.075 per common share for the third quarter of 2024. For the quarter ended September 30, 2024, the Company generated Net Revenues of $11...