Navigator Holdings Ltd. (NVGS) Misses Q4 EPS by 20c, Revenues Beat

Navigator Holdings Ltd. (NYSE: NVGS) reported Q4 EPS of ($0.05), $0.20 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $76.07 million versus the consensus estimate of $66.86 million.

Highlights

• Navigator Holdings Ltd. reported operating revenue of $87.4 million for the three months ended December 31, 2020, compared to $76.1 million for the three months ended December 31, 2019. Operating revenue for the year ended December 31, 2020, amounted to $332.5 million, compared to $301.4 for the year ended December 31, 2019.
• Net income was $3.4 million (earnings per share of $0.06) for the three months ended December 31, 2020, the third consecutive profitable quarter. The net loss for the year ended December 31, 2020 was $0.4 million.
• Adjusted EBITDA(1) was $32.0 million for the three months ended December 31, 2020, comprising $29.9 million from the operations of the vessels and $2.1 million from our 50/50 joint venture (the "Export Terminal Joint Venture") relating to the ethylene export marine terminal at Morgan's Point, Texas (the "Marine Export Terminal"). Adjusted EBITDA(1) was $124.2 million for the year ended December 31, 2020, comprising $118.4 million from the operations of the vessels and $5.8 million the Export Terminal Joint Venture.
• Fleet utilization was 91.0% for the three months ended December 31, 2020, and 86.8% for the year ended December 31, 2020.
• Successfully completed and commissioned the 30,000 ton ethylene cryogenic storage tank at our Marine Export Terminal, finishing the project safely, on time and below budget.
• On January 25, 2021, the Terminal Facility was fully drawn at an aggregate amount of $69.0 million and converted into a five year term loan. The final drawdown on that date was for $18.0 million, of which $4.0 million was used to make a final capital contribution to the Export Terminal Joint Venture, with the remaining $14.0 million to be used for general corporate purposes.
• We have achieved a record of 800+ days without a Lost-Time-Incident (LTI) across our in-house technical managed fleet of 17 vessels.

For earnings history and earnings-related data on Navigator Holdings Ltd. (NVGS) click here.

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