Hoegh LNG Partners (HMLP) Misses Q4 EPS by 3c, Slight Beat on Revenues

Hoegh LNG Partners (NYSE: HMLP) reported Q4 EPS of $0.40, $0.03 worse than the analyst estimate of $0.43. Revenue for the quarter came in at $37.76 million versus the consensus estimate of $37.58 million.

• Reported time charter revenues of $37.3 million for the fourth quarter of 2018, compared to $37.6 million of time charter revenues for the fourth quarter of 2017
• Generated operating income of $22.2 million, net income of $16.1 million and limited partners' interest in net income of $12.8 million for the fourth quarter of 2018 compared to operating income of $29.7 million, net income of $25.4 million and limited partners' interest in net income of $20.9 million for the fourth quarter of 2017
• Operating income, net income and partners\' interest in net income were impacted by unrealized gains (losses) on derivative instruments for the fourth quarter of 2018 and 2017.
• Excluding the impact of unrealized gains and losses on derivative instruments, net income for the three months ended December 31, 2018 was $17.3 million compared to $20.7 million for the three months ended December 31, 2017. The decrease was mainly due to the income tax expense for the three months ended December 31, 2018 compared to the income tax benefit for the three months ended December 31, 2017.
• Generated Segment EBITDA 1 of $37.5 million for the fourth quarter of 2018 compared to $33.7 million for the fourth quarter of 2017
• On February 14, 2019, paid a $0.44 per unit distribution on common and subordinated units with respect to the fourth quarter of 2018, equivalent to $1.76 per unit on an annual basis
• On February 15, 2019, paid a $0.546875 per unit distribution on the 8.75% Series A cumulative redeemable preferred units ("Series A preferred units") for the period commencing on November 15, 2018 to February 14, 2019, equivalent to $2.1875 per unit on an annual basis

Steffen Føreid, Chief Executive Officer and Chief Financial Officer stated: "In the fourth quarter, the partnership recorded strong operating performance supported by predictable long-term cash flow that underpins our well-supported distribution. We are pleased to have announced and in a subsequent event closed the refinancing of Höegh Gallant and Höegh Grace at improved terms in a new seven-year facility. With an established platform of long-term contracts and access to flexible sources of debt and equity finance, Höegh LNG Partners is in a strong position to maintain its leadership position in the FSRU sector and to fund incremental growth opportunities as they crystalize. Although competitive, FSRU tendering activity is high, with the Höegh LNG group being in a leading position to provide such critical energy infrastructure."

For earnings history and earnings-related data on Hoegh LNG Partners (HMLP) click here.

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