Business
United Maritime Reports Strong Profit for the Third Quarter, Financial Results for the Nine Months Ended September 30, 2023 and Declares Dividend of $0.075 Per Share
Highlights(in million USD, except EPS)Q3 2023Q3 20229M 2023From January 20, 2022 (date of inception) to September 30, 2022Net Revenues$11.7$7.9$24.5$7.9Net
About this update from United Maritime Corporation
[{"type":"text","content":" Highlights(in million USD, except EPS)Q3 2023Q3 20229M 2023From January 20, 2022 (date of inception) to September 30, 2022Net Revenues$11.7$7.9$24.5$7.9Net income$8.9$1.0$0.9$1.0Adjusted net income1$9.2$1.0$3.4$1.0EBITDA1$13.5$2.9$11.9$2.9Adjusted EBITDA1$13.8$2.9$14.4$2.9 Earnings per share Basic1$1.00$0.12$0.10$0.24Earnings per share Diluted1$0.91$0.09$0.09$0.14Adjusted earnings per share Basic1$1.03$0.12$0.40$0.24Adjusted earnings per share Diluted1$0.95$0.08$0.35$0.13 Other Highlights and Developments: Quarterly cash dividend of $0.075 per share for Q3 2023 Total cash dividends of $10.0 million, or $1.30 per share, declared since November 2022 reflecting a cash yield of 63%2Sale of the Company’s remaining LR2 tanker vessel at a premium of more than 85% over the vessel’s acquisition price, recording an accounting gain of $11.8 million Delivery of two Panamax vessels and commencement of time-charter (“T/C”) contractsShare buybacks worth about $0.4 million since the beginning of Q3 2023, nearly maximizing possible amount given share liquidity Total buybacks of approximately 3.5 million common shares at an average price of $1.87 since Q3 2022Secured $30.0 million sale and leaseback financing from a new lender to proactively address upcoming loan maturities and enhance liquidity position GLYFADA, Greece, Nov. 15, 2023 (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, 2023. The Company also declared a quarterly dividend of $0.075 per common share for the third quarter of 2023. For the quarter ended September 30, 2023, the Company generated Net Revenues of $11.7 million compared to $7.9 million in the third quarter of 2022. Adjusted EBITDA1 for the quarter was $13.8 million, compared to $2.9 million for the same period of 2022. Net Income and Adjusted Net Income for the quarter were $8.9 million and $9.2 million respectively compared to Net Income and Adjusted Net Income of $1.0 million in the third quarter of 2022. The Time Charter Equivalent (“TCE”) rate of the fleet for the third quarter of 2023 was $16,186 per day, compared to $23,639 in the same period of 2022. For the nine-month period ended September 30, 2023, the Company generated net revenues of $24.5 million and recorded an Adjusted EB...