Overview
Dynagas LNG Q2 net income rises 28% yr/yr, driven by reduced finance costs
Adjusted EBITDA for Q2 dips 3.1% due to lower cash voyage revenues
Co repurchased 156,319 common units under its Repurchase Program
Outlook
Dynagas LNG expects no vessel availability before 2028
Company has $0.9 bln estimated contract backlog
Dynagas LNG foresees annual cash savings of $5.7 mln from Series B redemption
Company says current sanctions have no material impact on operations
Result Drivers
LONG-TERM CHARTERS - High fleet utilization at 99.4% due to long-term charters with leading gas companies
DEBT REFINANCING - Reduced interest and finance costs following debt refinancing in June 2024
VOYAGE REVENUES - Slight increase in voyage revenues driven by non-cash effects from EU emissions allowances
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Voyage Revenues | $38.61 mln | ||
Q2 Adjusted Net Income | $14.46 mln | ||
Q2 Net Income | $13.71 mln | ||
Q2 Adjusted EBITDA | $27.69 mln | ||
Q2 Operating Income | $19.18 mln |
Analyst Coverage
The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 3 three months ago
Press Release: ID:nGNXy6fSt
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)