Hoegh LNG Partners (HMLP) Tops Q4 EPS by 2c, Revenues Beat

Hoegh LNG Partners (NYSE: HMLP) reported Q4 EPS of $0.46, $0.02 better than the analyst estimate of $0.44. Revenue for the quarter came in at $36.06 million versus the consensus estimate of $35.83 million.

Highlights

• Continued measures to mitigate the risks from the COVID-19 pandemic and ensure health and safety of crews and staff, customers and suppliers, whose wellbeing is the Partnership's highest priority
• 100% availability of FSRUs for the fourth quarter of 2020
• Reported time charter revenues of $36.1 million for the fourth quarter of 2020, compared to $38.5 million of time charter revenues for the fourth quarter of 2019
• Generated operating income of $25.5 million, net income of $18.5 million and limited partners' interest in net income of $14.7 million for the fourth quarter of 2020 compared to operating income of $27.9 million, net income of $18.7 million and limited partners' interest in net income of $15.1 million for the fourth quarter of 2019
• Operating income, net income and limited partners' interest in net income were impacted by unrealized gains on derivative instruments for the fourth quarter of 2020 and 2019, mainly on the Partnership's share of equity in earnings of joint ventures
• Excluding the impact of the unrealized gains on derivative instruments for the fourth quarter of 2020 and 2019 impacting the equity in earnings of joint ventures, operating income for the three months ended December 31, 2020 would have been $24.3 million, an increase of $0.5 million from $23.8 million for the three months ended December 31, 2019
• Generated Segment EBITDA1 of $34.9 million for the fourth quarter of 2020 compared to $34.6 million for the fourth quarter of 2019
• On February 12, 2021, paid a $0.44 per unit distribution on the common units with respect to the fourth quarter of 2020, equivalent to $1.76 per unit on an annualized basis
• On February 16, 2021, 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, 2020 to February 14, 2021

Sveinung J.S. Støhle, Chief Executive Officer, stated, "Höegh LNG Partners delivered a solid fourth quarter performance marked by 100% availability of the FSRU fleet, and strong, predictable cash flows despite the overall challenges caused by Covid-19. Despite the severe volatility of global energy markets, the Partnership successfully executed a strategy focused on long-term contract coverage, ensuring that customers receive unimpeded access to clean-burning, affordable LNG. With more than eight years of average remaining contract cover and a proven track record of strong, predictable distribution coverage, Höegh LNG Partners is well positioned to continue providing attractive distributions to unitholders for the long term."

Støhle continued, "Meanwhile, the Partnership's parent, Höegh LNG Holdings, is making important progress in developing future growth opportunities. In addition to securing a dropdown-eligible, long-term FSRU contract for Höegh Giant in India with scheduled startup in the coming weeks, Höegh LNG Holdings has initiated a new Clean Energy initiative with the goal of providing infrastructure solutions for the transportation, storage and distribution of hydrogen and ammonia, as well as developing floating Carbon Capture and Storage solutions, and this will support Höegh LNG's leading industrial platform and high-quality, modern assets in driving forward the energy transition well into the future."

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c
• HeartCore Enterprises, Inc. (HTCR) Misses Q2 EPS by 185c