GasLog (GLOG) Misses Q4 EPS by 11c, to Lower Distribution

GasLog (NYSE: GLOG) reported Q4 EPS of $0.14, $0.11 worse than the analyst estimate of $0.25. Revenue for the quarter came in at $182.3 million versus the consensus estimate of $181.87 million.

In light of the reduced expectations for Steam vessel utilization and earnings, GasLog Partners will focus its capital allocation on debt repayment, prioritizing balance sheet strength for 2020. As such, the Partnership expects to reduce its quarterly common distribution to $0.125 per unit for the first quarter of 2020 from $0.561 per unit for the fourth quarter of 2019. The reduced distribution will lower the Partnership’s cash flow break-even rates across its fleets and improve its competitive positioning. While our commitment to the Partnership remains strong, no further drop-downs are required to fund GasLog’s committed newbuilding program delivering in 2020 and 2021.

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

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