TOP Ships (TOPS) Stock Screams For The Top On Earnings

TOP Ships TOPS Stock News

TOP Ships Inc (NASDAQ: TOPS) is screaming for the top in the premarket hours this morning after announcing its financial results for the first half of 2019. The report proved to be overwhelmingly positive, outlining rising earnings and revenues; leading to gains of more than 28% thus far. Here’s what’s happening:

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TOPS Reports Financial Results

As mentioned above, TOP Ships reported its financial results for the six months ended June 30, 2019. The report proved to be overwhelmingly positive. Here’s what we saw:

  • Revenue – Revenue for the six month period came in at $29.8 million. That works out to be an impressive 51% rate of growth over the same period last year in which the company reported revenue of $19.7 million.
  • Operating Income – During the six month period, TOPS said that operating income rose to $5.3 million from negative $3.5 million in the same period last year.
  • Net Loss – Net loss fell to $0.6 million for the six month period, down 91% from the loss of $6.6 million reported in the same period last year.
  • Total Assets – Finally total assets rose to $423 million during the six month period. This was an impressive 64% rise over the total assets of $258.5 million reported in the same period last year.

In a statement, Evangelos Pistolis, President, CEO and Director at TOPS, had the following to offer:

During the first half of the year we further grew our fleet after we took delivery of 4 high specification vessels from Hyundai South Korea: 2 MR Product tankers and 2 Suezmax Crude carriers, 3 of the 4 vessels are scrubber fitted and all entered into time charter employment with high quality counterparties. The newly delivered vessels which were delivered during Q1 and Q2 have already started contributing positively to our financial results. We expect the full operating contribution for these vessels to occur from the second half of the year onwards.

We have made greater operating and financial strides as a company as we have increased our fleet. As a result we have significantly improved total revenue, Adjusted EBITDA and operating income.

Key Takeaways From The Report

The truth of the matter is that there’s a reason that investors are so excited here. At the end of the day, TOP Ships had an incredible quarter. Revenue was up dramatically along with EBITDA. Total assets also climbed.

Perhaps most importantly, the company saw a tremendous reduction in net losses. As a result of this reduction, TOPS is now on the cusp of generating positive earnings. Should this trend continue, earnings on the positive side of the line could come as soon as the next quarter’s earnings report.

The bottom line here is that there’s a good reason that investors are sending TOPS on an incredible run for the top this morning. The company is firing on all cylinders, quickly working its way to becoming a profitable one.

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