We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Golar LNG (GLNG) Q3 Loss Narrower Than Expected, Stock Down
Read MoreHide Full Article
Golar LNG Limited’s (GLNG - Free Report) stock witnesses a drop of 6.9% since third-quarter 2021 earnings announcement on Nov 9.
Golar LNG’s quarterly loss (excluding 83 cents from non-recurring items) of a penny per share was narrower than the Zacks Consensus Estimate of a loss of 8 cents. On a year-over-year basis, the metric improved more than 93.8%.
Golar LNG Limited Price, Consensus and EPS Surprise
Adjusted revenues of $105.4 million surpassed the Zacks Consensus Estimate of $103.3 million and rose 10.8% on a year-over-year basis. Total operating revenues came in at $106.6 million, up 12% year over year on the back of upbeat revenues in the Floating Liquefied Natural Gas (FLNG) and shipping segments. FLNG Hilli Episeyo maintained its 100% commercial uptime in the quarter under review.
While revenues from the shipping segment contributed approximately 43% to the top line, the FLNG unit contributed nearly 51% of the company’s top line. Time and voyage charter revenues declined nearly 28.7% year over year to $45.8 million. Liquefaction services revenues came in at $54.5 million, kept in line with the year-ago quarter. Revenues from Vessel and other management fees increased 25.8% year over year to $6.3 million. Time Charter Equivalent earnings were $49,500 per day (on an average) in the quarter under discussion compared with $39,100 in the year-ago quarter. TCE earnings (full fleet) was $49,500 in the September quarter, up 13.3% sequentially.
Vessel operating expenses amounted to $31.9 million in the quarter, up 13% year over year due to scheduled repairing of the damaged motor.
Total administrative expenses increased 7.5% year over year to $8.6 million. Project-development expenses deteriorated from $1.2 million in the year-ago quarter to an income of $1.3 million.
The company, sporting a Zacks Rank #1 (Strong Buy), exited the third quarter with total cash balance of $268.2 million, of which $123.7 million was unrestricted cash. As of Sep 30, 2021, its total debt (current and non-current) was $2.28 billion. You can see the complete list of today's Zacks #1 Rank stocks here.
Outlook
TCE is expected to be around $53,500 per day in the December quarter.
Sectorial Snapshot
Within the broader Transportation sector, GATX Corporation (GATX - Free Report) and J.B. Hunt Transport Services (JBHT - Free Report) recently reported third-quarter 2021 results.
GATX’s third-quarter 2021 earnings of $1.11 per share surpassed the Zacks Consensus Estimate of $1. Total revenues of $313.5 million inched up approximately 3% year over year, mainly due to a 3.9% rise in lease revenues to $283.9 million.
Uptick in revenues was primarily due to 3.9% rise in lease revenues to $283.9 million. Lease revenues contributed 90.6% to the top line. Marine operating revenues contributed 1.6% to the top line. The balance came from other sources. The stock has rallied 35.1% in the past year. GATX carries a Zacks Rank #2 (Buy).
J.B. Hunt reported third-quarter earnings of $1.88 per share, surpassing the Zacks Consensus Estimate of $1.77. Total operating revenues of $3144.8 million outperformed the Zacks Consensus Estimate of $3002.1 million.
The company exited the third quarter with cash and cash equivalents of $529.6 million compared with $313.3 million at the end of 2020. Long-term debt was $944.9 million compared with $1.31 billion at 2020-end. The stock has surged 52.4% in the past year. J.B. Hunt carries a Zacks Rank #2.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Golar LNG (GLNG) Q3 Loss Narrower Than Expected, Stock Down
Golar LNG Limited’s (GLNG - Free Report) stock witnesses a drop of 6.9% since third-quarter 2021 earnings announcement on Nov 9.
Golar LNG’s quarterly loss (excluding 83 cents from non-recurring items) of a penny per share was narrower than the Zacks Consensus Estimate of a loss of 8 cents. On a year-over-year basis, the metric improved more than 93.8%.
Golar LNG Limited Price, Consensus and EPS Surprise
Golar LNG Limited price-consensus-eps-surprise-chart | Golar LNG Limited Quote
Delving Deeper
Adjusted revenues of $105.4 million surpassed the Zacks Consensus Estimate of $103.3 million and rose 10.8% on a year-over-year basis. Total operating revenues came in at $106.6 million, up 12% year over year on the back of upbeat revenues in the Floating Liquefied Natural Gas (FLNG) and shipping segments. FLNG Hilli Episeyo maintained its 100% commercial uptime in the quarter under review.
While revenues from the shipping segment contributed approximately 43% to the top line, the FLNG unit contributed nearly 51% of the company’s top line. Time and voyage charter revenues declined nearly 28.7% year over year to $45.8 million. Liquefaction services revenues came in at $54.5 million, kept in line with the year-ago quarter. Revenues from Vessel and other management fees increased 25.8% year over year to $6.3 million. Time Charter Equivalent earnings were $49,500 per day (on an average) in the quarter under discussion compared with $39,100 in the year-ago quarter. TCE earnings (full fleet) was $49,500 in the September quarter, up 13.3% sequentially.
Vessel operating expenses amounted to $31.9 million in the quarter, up 13% year over year due to scheduled repairing of the damaged motor.
Total administrative expenses increased 7.5% year over year to $8.6 million. Project-development expenses deteriorated from $1.2 million in the year-ago quarter to an income of $1.3 million.
The company, sporting a Zacks Rank #1 (Strong Buy), exited the third quarter with total cash balance of $268.2 million, of which $123.7 million was unrestricted cash. As of Sep 30, 2021, its total debt (current and non-current) was $2.28 billion. You can see the complete list of today's Zacks #1 Rank stocks here.
Outlook
TCE is expected to be around $53,500 per day in the December quarter.
Sectorial Snapshot
Within the broader Transportation sector, GATX Corporation (GATX - Free Report) and J.B. Hunt Transport Services (JBHT - Free Report) recently reported third-quarter 2021 results.
GATX’s third-quarter 2021 earnings of $1.11 per share surpassed the Zacks Consensus Estimate of $1. Total revenues of $313.5 million inched up approximately 3% year over year, mainly due to a 3.9% rise in lease revenues to $283.9 million.
Uptick in revenues was primarily due to 3.9% rise in lease revenues to $283.9 million. Lease revenues contributed 90.6% to the top line. Marine operating revenues contributed 1.6% to the top line. The balance came from other sources. The stock has rallied 35.1% in the past year. GATX carries a Zacks Rank #2 (Buy).
J.B. Hunt reported third-quarter earnings of $1.88 per share, surpassing the Zacks Consensus Estimate of $1.77. Total operating revenues of $3144.8 million outperformed the Zacks Consensus Estimate of $3002.1 million.
The company exited the third quarter with cash and cash equivalents of $529.6 million compared with $313.3 million at the end of 2020. Long-term debt was $944.9 million compared with $1.31 billion at 2020-end. The stock has surged 52.4% in the past year. J.B. Hunt carries a Zacks Rank #2.