GasLog (GLOG) Misses Q1 EPS by 8c, Miss on Revenues

GasLog (NYSE: GLOG) reported Q1 EPS of ($0.01), $0.08 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $138.5 million versus the consensus estimate of $145.78 million.

Highlights

• Record quarterly Revenues of $138.5 million (Q1 2017: $128.3 million). Profit of $42.5 million (Q1 2017: $23.4 million) and Earnings per share of $0.21(1) (Q1 2017: $0.08) for the quarter ended March 31, 2018.
• Record quarterly EBITDA(2) of $95.9 million (Q1 2017: $89.1 million) and Adjusted EBITDA(2) of $95.5 million (Q1 2017: $89.3 million). Adjusted Profit(2) of $25.3 million (Q1 2017: $21.9 million) and Adjusted Loss per share(2) of $0.01(1) (Q1 2017: Adjusted Earnings per share of $0.06) for the quarter ended March 31, 2018.
• 7.1% increase in the quarterly dividend to $0.15 per common share payable on May 24, 2018.
• Delivery of the GasLog Houston on January 8, 2018 and, post quarter-end, completion of a short-term time charter agreement with a major LNG producer. The vessel is scheduled to commence a multi-year time charter with a subsidiary of Royal Dutch Shell plc (“Shell”) in December 2018.
• Delivery of the GasLog Hong Kong on March 20, 2018 and the GasLog Genoa on March 29, 2018, two 174,000 cubic meters (“cbm”) LNG carriers with low pressure dual-fuel two-stroke engine propulsion (“LP-2S”) and commencement of their time charter agreements with Total Gas & Power Chartering Limited (“Total”), a wholly owned subsidiary of Total S.A., and Shell, respectively.
• Ordered two 180,000 cbm newbuild LNG carriers from Samsung Heavy Industries Co., Ltd. (“Samsung”) with LP-2S propulsion, with scheduled delivery in the second quarter of 2020.
• Announced and, post quarter-end, completed the sale of the GasLog Gibraltar to GasLog Partners LP (“GasLog Partners” or the “Partnership”) for $207.0 million. Part of the consideration was satisfied by the private issuance of $45.0 million of common units in GasLog Partners to GasLog.
• On February 23, 2018, GasLog signed the Operation and Maintenance (“O&M”) agreement for the provision of related services to the Alexandroupolis floating storage and regasification unit (“FSRU”) project (the “Alexandroupolis Project”).
• GasLog Partners 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.

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

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