Navigator Holdings Ltd. (NYSE:NVGS) saw its stock price surge 5.76% in after-hours trading on Wednesday, following the release of its better-than-expected first-quarter earnings report and the announcement of a new share repurchase program.
The company reported adjusted earnings of $0.36 per share for Q1, surpassing the analyst consensus estimate of $0.31 by 16.13%. This represents a 12.5% increase from the $0.32 per share earned in the same period last year. Navigator's quarterly revenue also beat expectations, coming in at $151.41 million, 3.49% above the analyst estimate of $146.30 million and marking a 12.86% year-over-year increase.
Adding to the positive sentiment, Navigator's board of directors authorized a new $50 million share repurchase program, signaling confidence in the company's financial position and commitment to enhancing shareholder value. The company also maintained its quarterly dividend at $0.05 per share, payable on June 17 to shareholders of record as of May 29. Furthermore, Navigator announced that it has alleviated the substantial doubt over its ability to continue as a going concern, which had been previously disclosed, further boosting investor confidence in the company's outlook.
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