GasLog Partners (GLOP) Tops Q1 EPS by 2c, Revenues Beat

GasLog Partners (NYSE: GLOP) reported Q1 EPS of $0.42, $0.02 better than the analyst estimate of $0.40. Revenue for the quarter came in at $93.89 million versus the consensus estimate of $90.16 million.

Highlights

• Dedicated COVID-19 task force established to manage the impact of COVID-19 on all aspects of our business and operations and to review and amend our business continuity plan as required, including strict guidelines regarding access to all vessels and a company-wide “work from home” policy.
• Charter coverage of 95% during the first quarter of 2020, excluding the impact of 25 scheduled dry-docking days of the Methane Shirley Elisabeth, and contracted time charter revenues of approximately $209 million for the remainder of 2020, representing 78% charter coverage.
• Quarterly IFRS (as defined below) and Partnership Performance Results(1) for Revenues, Profit, Adjusted Profit(2) and Adjusted EBITDA(2) of $91.4 million, $14.2 million, $27.8 million and $64.2 million, respectively.
• Quarterly Earnings/(loss) per unit (“EPU”) - common (basic) and Adjusted EPU(2) - common (basic) of $0.14 and $0.42, respectively.
• Declared cash distribution of $0.125 per common unit for the first quarter of 2020.
• Distribution coverage ratio(3) of 4.6x.

CEO Statement

Mr. Andrew Orekar, Chief Executive Officer, commented: “I am pleased to announce a solid financial and operating quarter for the Partnership, despite the challenges presented by the outbreak of COVID-19 and the impact it has had on the global economy.

During the first quarter of 2020, we took several proactive measures to ensure the continuous operation of our fleet for our customers and the maximization of our available liquidity. Along with our parent GasLog Ltd. (“GasLog”), we have established a dedicated COVID-19 task force to review and amend our business continuity plan as needed, onshore staff have been working from home since mid-March and timelines for crew changes aboard our vessels have been extended.

In addition, today we are announcing a $0.125 distribution per unit for the first quarter, in line with our guidance announced earlier this year and a conservative payout of our quarterly Adjusted EPU. This distribution level will allow the Partnership to focus on strengthening its balance sheet, which will improve the resiliency of its operational and financial performance.

There remains a high degree of uncertainty in our commercial environment as well as the financial markets in terms of the impact of COVID-19 on LNG and LNG shipping demand during the remainder of 2020. Accordingly, we are withdrawing our previously announced Adjusted EBITDA guidance of $230.0 to $260.0 million for 2020, while noting that 78% of our fleet is fixed for the remainder of the year, representing approximately $209.0 million of contracted revenues. Our charter coverage for the year has been supported by a new three-month charter for the Methane Alison Victoria, which began at the end of March 2020 and will take her through to her dry-docking at the end of June 2020, as well as a new six-month charter for the Methane Rita Andrea, which began in April 2020.”

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

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