Golar LNG Limited ( GLNG Quick Quote GLNG - Free Report) reported first-quarter 2021 earnings (excluding 18 cents from non-recurring items) of 5 cents per share, beating the Zacks Consensus Estimate of 3 cents. In the year-ago period, the company had incurred a loss. Low costs aided the bottom line. Adjusted revenues of $118.3 million surpassed the Zacks Consensus Estimate of $109.4 million. Total operating revenues came in at $125.83 million, up 2.7% year over year owing to improved shipping performance. Notably, FLNG Hilli Episeyo maintained its 100% commercial uptime in the quarter under review. Shipping revenues accounted for bulk (approximately 50%) of the company’s top line. Time and voyage charter revenues were nearly flat year over year at $62.87 million. Liquefaction services revenues came in at $54.40 million, flat year over year. Meanwhile, revenues from Vessel and other management fees surged 69.6% year over year to $8.56 million. Additionally, Time Charter Equivalent earnings were $61,700 per day in the quarter under discussion, compared with $61,900 in the year-ago period.
Vessel operating expenses of $30.70 million inched up 1.5% year over year due to costs associated with unscheduled repairs and other factors.
Total administrative expenses dropped 17.2% year over year to $8.40 million. Project-development expenses of $1.63 million decreased 55.7% to $1.63 million. The company, carrying a Zacks Rank #4 (Sell), exited the first quarter with cash balance of $298.9 million, of which $149.9 million was unrestricted cash. As of Mar 31, 2021, its total debt (current and non-current) was $2.37 billion. Sectorial Snapshot
Let’s take a look at some other earnings reports from companies within the Zacks
Transportation sector. Canadian National Railway Company ( CNI Quick Quote CNI - Free Report) , carrying a Zacks Rank #3 (Hold), reported first-quarter 2021 earnings (excluding 11 cents from non-recurring items) of 97 cents per share (C$1.23), missing the Zacks Consensus Estimate of 99 cents. Quarterly revenues of $2,791.6 million (C$3,535 million) lagged the Zacks Consensus Estimate of $2,813.1 million. Landstar System ( LSTR Quick Quote LSTR - Free Report) , sporting a Zacks Rank #1 (Strong Buy), reported first-quarter 2021 earnings of $2.01 per share, surpassing the Zacks Consensus estimate of $1.61. Additionally, revenues of $1,287.5 million outperformed the Zacks Consensus Estimate of $1,142.5 million. You can see . the complete list of today's Zacks #1 Rank stocks here Southwest Airlines ( LUV Quick Quote LUV - Free Report) , carrying a Zacks Rank of 3, incurred a loss of $1.72 per share (excluding $1.91 from non-recurring items) in the first quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.82. Meanwhile, operating revenues of $2,052 million surpassed the Zacks Consensus Estimate of $2,031.7 million. More Stock News: This Is Bigger than the iPhone!
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