Eneti Inc. (NETI) on Tuesday, November 14, reported third-quarter net income of $18.3 million. On a per-share basis, the company said it had net income of 48 cents. Earnings, adjusted for non-recurring costs, were 49 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The company posted revenue of $53.2 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $48.9 million.
Total revenues for the third quarter of 2023 were $53.2 million, compared to $69.2 million for the same period in 2022. The primary driver of revenue during the third quarter of 2023 was the revenue generated by Seajacks Zaratan, which continued to perform the Yunlin contract throughout the third quarter of 2023.
Total revenues for the first nine months of 2023 were $105.9 million compared to $152.7 million for the same period in 2022. First nine months 2023 revenues were generated primarily by the Seajacks Scylla, which worked at an offshore wind farm project in the Netherlands, as well as the Company’s three NG2500Xs which performed maintenance on offshore gas production platforms and wind turbine gear maintenance, and consulting revenue. The Seajacks Zaratan began work on the Yunlin project offshore Taiwan in June 2023.
As of November 10, 2023, the Company had approximately $105.2 million in cash. The Company is currently under contract with Hanwha Ocean Co., Ltd. for the construction of two next-generation offshore wind turbine installation vessels (“WTIV”). The aggregate contract price is approximately $654.8 million, of which $131.0 million has been paid. The WTIVs are expected to be delivered in the first and third quarters of 2025, respectively.