Hoegh LNG Partners (HMLP) Tops Q3 EPS by 5c

Hoegh LNG Partners (NYSE: HMLP) reported Q3 EPS of $0.46, $0.05 better than the analyst estimate of $0.41. Revenue for the quarter came in at $35.9 million versus the consensus estimate of $35.37 million.

Highlights

• Continued measures to mitigate the risks from the COVID-19 pandemic and ensure health and safety of crews and staff, whose wellbeing is the Partnership's highest priority
• 100% availability of FSRUs for the third quarter of 2020
• Reported total time charter revenues of $35.9 million for the third quarter of 2020 compared to $37.0 million of time charter revenues for the third quarter of 2019
• Generated operating income of $28.1 million, net income of $19.5 million and limited partners' interest in net income of $15.8 million for the third quarter of 2020 compared to operating income of $23.4 million, net income of $13.7 million and limited partners' interest in net income of $10.2 million for the third quarter of 2019
• Operating income, net income and limited partners' interest in net income were impacted by unrealized gains on derivative instruments for the third quarter of 2020 compared with unrealized losses on derivative instruments for the third quarter of 2019 mainly on the Partnership's share of equity in earnings of joint ventures
• Excluding the impact of the unrealized gains (losses) on derivative instruments for the third quarter of 2020 and 2019 impacting the equity in earnings of joint ventures, operating income for the three months ended September 30, 2020 would have been $25.8 million, an increase of $0.2 million from $25.6 million for the three months ended September 30, 2019
• Generated Segment EBITDA1 of $36.4 million for each of the third quarter of 2020 and 2019
• On November 13, 2020, paid a $0.44 per unit distribution on common units with respect to the third quarter of 2020, equivalent to $1.76 per unit on an annualized basis
• On November 16, 2020, paid a distribution of $0.546875 per 8.75% Series A cumulative redeemable preferred unit ("Series A preferred unit"), for the period commencing on August 15, 2020 to November 14, 2020

Sveinung J.S. Støhle, Chief Executive Officer stated: "In the third quarter, we are very pleased to have once again delivered a high level of safe and reliable operating and financial performance, despite the continuing challenges presented by COVID-19. The Partnership's ability to achieve a full quarter of 100% availability for our fleet of high-quality, modern FSRUs enabled us to maximize the value of our long-term, fixed-rate contracts and to demonstrate the robust distribution coverage inherent in our more than 8.5 years of average remaining contract cover. Liquid natural gas is readily available and highly cost competitive globally, and it is clear that LNG will play a leading role in driving the energy transition for decades to come."

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

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