GasLog Partners (GLOP) Tops Q2 EPS by 11c, Revenues Beat

GasLog Partners (NYSE: GLOP) reported Q2 EPS of $0.45, $0.11 better than the analyst estimate of $0.34. Revenue for the quarter came in at $76.93 million versus the consensus estimate of $75.29 million.

CEO Statement

Mr. Andrew Orekar, Chief Executive Officer, commented: “In the second quarter, GasLog Partners continued to execute our strategy, completing the accretive acquisition of the GasLog Gibraltar and agreeing to a firm 18-month time charter plus two six-month options with Cheniere for the GasLog Sydney. This charter is the Partnership’s second agreement this year with a new, high-quality counterparty and increases our contracted days to 91% in both 2018 and 2019.

As previously communicated, the dry-dockings of the GasLog Sydney and the GasLog Santiago in the second quarter temporarily impacted our EBITDA and Distributable cash flow. As a result, we have elected to maintain our quarterly distribution at $0.53 per unit, or $2.12 per unit annualized. Adjusted for the impact of these scheduled dry-dockings, our distribution coverage ratio was 1.18x and in-line with our historical performance.

The outlook for LNG demand remains robust, underpinning a requirement for additional investment in liquefaction, regasification and shipping capacity. With current liquidity available to fund our next drop-down acquisition and the GasLog Shanghai exposed to the anticipated strength in spot LNG shipping rates, we are reiterating our year-on-year distribution growth guidance of 5% to 7% in 2018.”

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

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