GasLog Partners (GLOP) Misses Q4 EPS by 17c

GasLog Partners (NYSE: GLOP) reported Q4 EPS of $0.30, $0.17 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $83.13 million versus the consensus estimate of $85.06 million.

CEO Statement

Mr. Andrew Orekar, Chief Executive Officer, commented: “I am very pleased to present another strong operating and financial quarter for GasLog Partners, with our highest-ever quarterly and annual Partnership Performance Results for Revenues, Adjusted Profit, EBITDA and Distributable cash flow. During the fourth quarter, we completed our second acquisition of 2018 and raised $100.0 million of preferred equity in early November, which positions the Partnership to announce a further drop-down acquisition in the first quarter of 2019.

2018 was a transformative year for GasLog Partners. We successfully reduced our expected cost of capital by modifying our IDR structure, diversified our customer base through multi-year charters with two new, high quality customers, issued over $320.0 million in equity capital for growth, retired $185.0 million of debt, reduced unit operating costs and completed two vessel acquisitions, increasing the Partnership’s wholly owned fleet to 14 LNG carriers. Following these actions, we are increasing our cash distribution to $0.55 per unit for the fourth quarter, meeting our guidance of 5% to 7% growth in 2018.

While we consider 2018 to have been a very successful year, the last few months have seen significant volatility in the unit prices of the Partnership’s equity securities, which we feel does not reflect our track record of operational and financial delivery, consistent annual distribution growth and the positive outlook for LNG shipping markets. In keeping with our focus on total unitholder returns, today we are announcing a $25.0 million unit buyback authorization, under which we may, from time to time, repurchase our common units in the open market or in privately negotiated transactions. In addition, we are reiterating our year-on-year distribution growth guidance of 2% to 4% in 2019. Our guidance reflects the positive outlook for the LNG shipping market, our two accretive acquisitions completed in 2018, and continued access to capital to fund drop-down acquisitions, while also considering our two scheduled dry-dockings and one vessel coming off charter in late 2019.”

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

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