DHT Holdings (DHT) Misses Q4 EPS by 5c, Revenues Beat

DHT Holdings (NYSE: DHT) reported Q4 EPS of $0.08, $0.05 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $85.2 million versus the consensus estimate of $81.4 million.

• Adjusted EBITDA for the quarter of $61.3 million. Net income for the quarter of $12.0 million or $0.08 per basic share. Adjusted for a non-cash change in fair value related to interest rate derivatives of $6.2 million, the result would be $0.13 per basic share.
• The Company's VLCCs achieved time charter equivalent earnings of $34,900 per day in the fourth quarter of 2018 of which the Company's VLCCs on time-charter earned $35,000 per day and the Company's VLCCs operating in the spot market achieved $34,800 per day.
• Thus far in the first quarter of 2019, 67% of the available VLCC spot days have been booked at an average rate of $37,200 per day.
• For the fourth quarter of 2018, the Company will return $12.1 million to shareholders equal to 67% of net income adjusted for a non-cash change in fair value related to interest rate derivatives of $6.2 million. The return of capital is comprised of $5.0 million in the form of share buyback (1,228,440 shares at an average price of $4.07 per share) and $7.1 million in the form of a cash dividend. The cash dividend of $0.05 per share is payable on February 26, 2019 to shareholders of record as of February 19, 2019.
• On October 8, 2018, the Company took delivery of DHT Mustang, the last of its two VLCC newbuildings from HHI. A total of $51.4 million of debt was drawn in connection with the delivery.
• In October 2018, the Company agreed on main terms to sell DHT Cathy and DHT Sophie for $24.3 million enbloc. The vessels were delivered to the buyer in December 2018. We recorded an impairment of $3.5 million in the third quarter in connection with the sale. Outstanding debt of $8.7 million was repaid in December 2018.

For earnings history and earnings-related data on DHT Holdings (DHT) click here.

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