GasLog Partners (GLOP) Tops Q1 EPS by 4c, Slight Beat on Revenues

GasLog Partners (NYSE: GLOP) reported Q1 EPS of $0.54, $0.04 better than the analyst estimate of $0.50. Revenue for the quarter came in at $77.19 million versus the consensus estimate of $76.7 million.

Highlights

• Completed a public offering of 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”), raising gross proceeds of $115.0 million and net proceeds of $111.2 million.
• Prepaid in full the $45.0 million outstanding amount of the term loan facility with GasLog Ltd. (“GasLog”), due in March 2022.
• Prepaid in full the remaining $29.8 million balance of the junior tranche of the credit agreement entered into on February 18, 2016 (the “Five Vessel Refinancing”), due in April 2018.
• Successfully re-chartered the GasLog Santiago for approximately three and a half years commencing in either August or September 2018 at the Partnership’s option and either of the Methane Jane Elizabeth or the Methane Alison Victoria (as nominated by the Partnership) for one year, commencing in either November or December 2019 at the Partnership’s option.
• Announced and, post quarter-end, completed the acquisition of the GasLog Gibraltar from GasLog for $207.0 million, with attached multi-year charter to a subsidiary of Royal Dutch Shell plc (“Shell”). The acquisition was partially financed through the private issuance of $45.0 million of common units to GasLog.
• Quarterly Revenues, Profit, Adjusted Profit(1) and EBITDA(1) of $77.1 million, $32.0 million, $26.5 million and $55.8 million, respectively.
• Highest-ever quarterly Partnership Performance Results(2) for Revenues, Profit, Adjusted Profit(1), EBITDA(1) and Distributable cash flow(1) of $77.1 million, $32.0 million, $26.5 million, $55.8 million and $27.5 million, respectively.
• Increased cash distribution of $0.53 per common unit for the first quarter of 2018, 1.2% higher than the fourth quarter of 2017 and 6.0% higher than the first quarter of 2017.
• Distribution coverage ratio(3) of 1.13x, or 1.18x prior to the issuance of $45.0 million of common units in relation to the GasLog Gibraltar acquisition completed post quarter-end and certain other issuances of common and general partner units through April 26, 2018.

For earnings history and earnings-related data on GasLog Partners (GLOP) click here.

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