Navios Maritime Tops Q4 Estimates as Profit Rises 67%

Navios Maritime Partners L.P. (NMM), fresh off last week’s dividend increase, reported fourth quarter earnings of $0.38 per unit on $42.5 million in revenue today, topping Wall Street’s expectations.

The consensus analyst view called for a profit of $0.34 per unit and $40.52 million in revenue.

The operator of dry cargo vessels pulled in net income of $18.4 million for the quarter, 67% better than last year’s Q4 figure, while revenue rose 66%. For the year, Navios grew its earnings by 76% and revenue by 55%.

More growth is on the horizon for Navios, as the partnership’s entire fleet of 16 vessels is already 100% contracted out for 2011, generating $176.6 million in revenue – or 23% more than the 2010 figure reported today. Analysts are currently expecting the partnership to bring in revenue of $168.4 million next year.

NMM is trading at $19.38 (+0.94%) this afternoon, where it yields 8.88%.

I spent the morning breaking down Navios Maritime’s fundamentals, and currently have it slotted at #51 on my extended Value Rankings, which list more than 600 stocks. NMM currently trades at about 13.5x next year’s consensus earnings estimate, which is probably a bit low if the current 2011 revenue view is any indication.

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