Golar LNG Limited (GLNG - Free Report) reported better-than-expected earnings and revenues in the fourth quarter of 2021, following which shares of the company gained 1% at the close of business on Feb 24.
GLNG’s fourth-quarter 2021 earnings (excluding 16 cents from non-recurring items) of 22 cents per share surpassed the Zacks Consensus Estimate of 10 cents. The bottom line improved more than 100% year over year.
Adjusted revenues of $115.4 million beat the Zacks Consensus Estimate of $114 million. The top line dipped 2.8% year over year, primarily due to 9.7% decline in Floating Liquefied Natural Gas (“FLNG”) revenues. FLNG Hilli Episeyo maintained its 100% commercial uptime in the quarter under review.
While revenues from the shipping segment contributed approximately 45.6% to the top line, the FLNG unit contributed 49% to the company’s top line. Time and voyage charter revenues inched up 3.4% year over year to $52,440 million. Liquefaction services revenues came in at $56.41 million, down 9.7% year over year. Revenues from Vessel and other management fees increased 13.4% year over year to $6.2 million. Time Charter Equivalent earnings were $57,300 per day (on average) in the quarter under discussion compared with $48,800 in the year-ago quarter. TCE earnings improved 15.8% sequentially in the fourth quarter.
Vessel operating expenses increased marginally year over year to $26.26 million in the quarter. Total administrative expenses decreased 7.4% year over year to $7.9 million. Project-development expenses declined 78.8% year over year to $0.6 million in the reported quarter due to a decrease in FLNG front-end engineering and design costs.
Golar LNG, sporting a Zacks Rank #1 (Strong Buy), exited the fourth quarter with total cash balance of $418.8 million, of which $268.6 million was unrestricted cash. As of Dec 31, 2021, its total debt (current and non-current) was $2.41 billion. You can see the complete list of today's Zacks #1 Rank stocks here.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases by companies within the Zacks Transportation sector.
Expeditors International of Washington (EXPD - Free Report) , flaunting a Zacks Rank #1, reported fourth-quarter 2021 earnings of $2.66 per share, surpassing the Zacks Consensus Estimate of $2.02. The bottom line surged more than 100% year over year. Results benefited from higher airfreight tonnage volumes.
Expeditors’ total revenues of $5,396.3 million outperformed the Zacks Consensus Estimate of $4,257 million and also increased significantly year over year. Higher revenues across all segments boosted the top line.
GATX Corporation (GATX - Free Report) , carrying a Zacks Rank #1, reported fourth-quarter 2021 earnings (excluding 11 cents from non-recurring items) of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.07. The bottom line surged more than 200% year over year.
GATX’s total revenues of $321 million increased 5.3% year over year, mainly on a 5.2% rise in lease revenues, which came in at $288.4 million. Lease revenues contributed 89.8% to the top line.
Werner Enterprises (WERN - Free Report) , carrying a Zacks Rank #3 (Hold), reported fourth-quarter 2021 earnings (excluding 2 cents from non-recurring items) of $1.13 per share, which surpassed the Zacks Consensus Estimate of 96 cents. The bottom line rose 27% on a year-over-year basis.
Werner’s total revenues of $765.2 million also outperformed the Zacks Consensus Estimate of $725.1 million. The top line increased 23.4% on a year-over-year basis, primarily on higher revenues in the Truckload Transportation Services and Logistics segments.
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Golar LNG Limited (GLNG - Free Report) reported better-than-expected earnings and revenues in the fourth quarter of 2021, following which shares of the company gained 1% at the close of business on Feb 24.
GLNG’s fourth-quarter 2021 earnings (excluding 16 cents from non-recurring items) of 22 cents per share surpassed the Zacks Consensus Estimate of 10 cents. The bottom line improved more than 100% year over year.
Adjusted revenues of $115.4 million beat the Zacks Consensus Estimate of $114 million. The top line dipped 2.8% year over year, primarily due to 9.7% decline in Floating Liquefied Natural Gas (“FLNG”) revenues. FLNG Hilli Episeyo maintained its 100% commercial uptime in the quarter under review.
While revenues from the shipping segment contributed approximately 45.6% to the top line, the FLNG unit contributed 49% to the company’s top line. Time and voyage charter revenues inched up 3.4% year over year to $52,440 million. Liquefaction services revenues came in at $56.41 million, down 9.7% year over year. Revenues from Vessel and other management fees increased 13.4% year over year to $6.2 million. Time Charter Equivalent earnings were $57,300 per day (on average) in the quarter under discussion compared with $48,800 in the year-ago quarter. TCE earnings improved 15.8% sequentially in the fourth quarter.
Vessel operating expenses increased marginally year over year to $26.26 million in the quarter. Total administrative expenses decreased 7.4% year over year to $7.9 million. Project-development expenses declined 78.8% year over year to $0.6 million in the reported quarter due to a decrease in FLNG front-end engineering and design costs.
Golar LNG, sporting a Zacks Rank #1 (Strong Buy), exited the fourth quarter with total cash balance of $418.8 million, of which $268.6 million was unrestricted cash. As of Dec 31, 2021, its total debt (current and non-current) was $2.41 billion. You can see the complete list of today's Zacks #1 Rank stocks here.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases by companies within the Zacks Transportation sector.
Expeditors International of Washington (EXPD - Free Report) , flaunting a Zacks Rank #1, reported fourth-quarter 2021 earnings of $2.66 per share, surpassing the Zacks Consensus Estimate of $2.02. The bottom line surged more than 100% year over year. Results benefited from higher airfreight tonnage volumes.
Expeditors’ total revenues of $5,396.3 million outperformed the Zacks Consensus Estimate of $4,257 million and also increased significantly year over year. Higher revenues across all segments boosted the top line.
GATX Corporation (GATX - Free Report) , carrying a Zacks Rank #1, reported fourth-quarter 2021 earnings (excluding 11 cents from non-recurring items) of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.07. The bottom line surged more than 200% year over year.
GATX’s total revenues of $321 million increased 5.3% year over year, mainly on a 5.2% rise in lease revenues, which came in at $288.4 million. Lease revenues contributed 89.8% to the top line.
Werner Enterprises (WERN - Free Report) , carrying a Zacks Rank #3 (Hold), reported fourth-quarter 2021 earnings (excluding 2 cents from non-recurring items) of $1.13 per share, which surpassed the Zacks Consensus Estimate of 96 cents. The bottom line rose 27% on a year-over-year basis.
Werner’s total revenues of $765.2 million also outperformed the Zacks Consensus Estimate of $725.1 million. The top line increased 23.4% on a year-over-year basis, primarily on higher revenues in the Truckload Transportation Services and Logistics segments.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
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