Hoegh LNG Partners (HMLP) Misses Q2 EPS by 26c, Revenues Miss

Hoegh LNG Partners (NYSE: HMLP) reported Q2 EPS of $0.10, $0.26 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $33.8 million versus the consensus estimate of $35.2 million.

• Reported total time charter revenues of $33.8 million for the second quarter of 2019 compared to $35.5 million of time charter revenues for the second quarter of 2018
• Generated operating income of $15.3 million, net income of $6.2 million and limited partners\' interest in net income of $2.8 million for the second quarter of 2019 compared to operating income of $28.9 million, net income of $19.9 million and limited partners\' interest in net income of $16.9 million for the second quarter of 2018
• Planned off-hire for the Höegh Gallant and maintenance with accelerated timing to allow completion during the scheduled drydock impacted operating income, net income and limited partners\' interest in net income in the second quarter of 2019
• Operating income, net income and limited partners\' interest in net income were impacted by unrealized losses on derivative instruments for the second quarter of 2019, compared with unrealized gains on derivative instruments for the second quarter of 2018, mainly on the Partnership\'s share of equity in earnings (losses) of joint ventures in the second quarter of 2019 and 2018
• Excluding the impact of the unrealized gains (losses) on derivative instruments for the second quarter of 2019 and 2018 impacting the equity in earnings (losses) of joint ventures, operating income for the three months ended June 30, 2019 would have been $19.9 million, a decrease of $6.0 million from $25.9 million for the three months ended June 30, 2018
• Generated Segment EBITDA 1 of $31.0 million for the second quarter of 2019 compared to $36.9 million for the second quarter of 2018
• On August 14, 2019, paid a $0.44 per unit distribution on common and subordinated units with respect to the second quarter of 2019, equivalent to $1.76 per unit on an annualized basis
• On August 15, 2019, paid a cash distribution of $0.546875 per 8.75% Series A cumulative redeemable preferred unit (the "Series A preferred unit"), for the period commencing on May 15, 2019 to August 14, 2019

Steffen Føreid, Chief Executive Officer and Chief Financial Officer stated: "In the second quarter, the Partnership's modern assets continued to perform according to contract, underpinning its stable distribution, however, the planned off-hire and maintenance during the scheduled dry-docking of two of the vessels weighed on the result. More broadly, global trade in LNG continues to increase year-on-year, driven by fuel-switching and new LNG production facilities coming on stream, which is fueling demand for more LNG import terminals. With an established platform of long-term contracts generating stable and predictable cash flows, Höegh LNG Partners is in a strong position to maintain its leadership position in the FSRU sector and grow as new opportunities crystalize."

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

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