UPDATE 2-Navios Maritime posts strong Q2, cautious on outlook

* Q2 EPS $0.40 vs est $0.18

* Q2 rev $165.4 mln vs est $143.9 mln

* Shares hit 2-and-half month high, pare gains

(Adds analyst comment, details; updates share movement)

BANGALORE, Aug 19 (BestGrowthStock) – Navios Maritime Holdings
Inc’s (NM.N: ) quarterly results sailed past estimates after new
acquisitions spurred revenue to its highest in six quarters,
but the Greek shipper signalled a cautious outlook.

The company said growth in developed countries was
sluggish, and the order backlog — which reflects the number of
reserve ships waiting to be contracted in the market — was
significant.

Asia contributes about 54 percent of the company’s annual
turnover, while Europe and North America represent 19 percent
of the total, according to Thomson Reuters data.

“The company continues to be well shielded in the
volatility in the drybulk market because of their long term
contracts,” Cantor Fitzgerald analyst Natasha Boyden said.

The Baltic Exchange’s main sea freight index (.BADI: ), which
gauges the cost of shipping commodities including iron ore,
cement, grain, coal and fertiliser, has been erratic this year,
because of swings in Chinese demand for iron ore.

It has fallen about 44 percent since its June-high of 3,988
points.

Shares of the Piraeus-based company, which have fallen 7
percent in the last three months, jumped to a two-and-half
month high of $6.01 in Thursday morning trade on the New York
Stock Exchange. They later pared some of the gains to trade at
$5.80.

Navios has long-term fleet for periods ranging from 1-12
years. As of Aug 18, the company had contracted 97.5 percent of
its available days on a charter-out basis for the current year,
equivalent to $299.6 million in revenue.

Fleet available days increased by 5 percent primarily as a
result of the delivery of 9 newbuilding owned vessels during
the last three quarters of 2009 and the first quarter of 2010,
Navios said.

In July, drybulk shipper and deepwater driller DryShips Inc
(DRYS.O: ) reported a second-quarter profit (Read more your timing to make a profit.) that beat analysts’
estimates, helped by lower costs and operating expenses.
[ID:nSGE66R0LN].

Q2 RESULTS

Net income for the second quarter more than doubled to
$46.5 million, or 40 cents a share, from $22.1 million, or 21
cents a share, in the year-ago quarter.

Analysts on an average expected the company to earn 18
cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 16 percent to $165.4 million, versus estimates
of $143.9 million. Logistics business revenue saw a 47 percent
surge to $51.6 million.

Revenue from drybulk vessel operations, which contributes
more than three-fourth of the total revenue, was up 6 percent
at $113.8 million.
(Reporting by Krishna N. Das in Bangalore; Editing by Prem
Udayabhanu)

UPDATE 2-Navios Maritime posts strong Q2, cautious on outlook