LNG carrier Dynagas Q3 net income rises on lower costs

Reuters11-20
LNG carrier Dynagas Q3 net income rises on lower costs

Overview

  • Dynagas LNG Q3 net income rises 23.8% yr/yr, driven by lower interest costs

  • Company's adjusted net income declines due to lower cash revenues

  • Dynagas LNG redeems all Series B Preferred Units, repurchases common units

Outlook

  • Dynagas LNG sees constructive outlook for LNG transportation demand due to new export projects

  • Company may explore growth opportunities in adjacent shipping sectors

  • Dynagas LNG monitors geopolitical impacts on operations amid Russian sanctions

Result Drivers

  • INSURANCE CLAIMS - Increase in net income partly attributed to other income from insurance claims for damages incurred in prior years

  • INTEREST COSTS - Decrease in net interest and finance costs due to reduced debt balance and lower interest rates

  • LOWER CASH REVENUES - Adjusted net income decreased due to lower cash revenues, partially offset by reduced interest and administrative costs

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Voyage Revenues

$38.89 mln

Q3 Adjusted Net Income

$14.23 mln

Q3 Net Income

$18.66 mln

Q3 Adjusted EBITDA

$27.60 mln

Q3 Operating Income

$18.78 mln

Analyst Coverage

  • The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 3 three months ago

Press Release: ID:nGNX5M721C

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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