Post-Earnings Coverage - Golar LNG Ltd
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LONDON, December 23, 2014 /PRNewswire/ --
Investor-Edge.com has issued free post-earnings coverage on Golar LNG Ltd (NASDAQ: GLNG). On November 26, 2014, the company announced its financial results for Q3 FY14 (period ended September 30, 2014). Click on www.investor-edge.com/FreeReports to read our free earnings review on Golar LNG Ltd (Golar). In the reported quarter, the company's total operating revenues rose 37% on a Q-o-Q basis, and its EBITDA increased $4.3 million from the sequential quarter. Our free coverage report can be accessed at:
www.investor-edge.com/register
Earnings Overview
During Q3 FY14, Golar reported total operating revenues of $28.83 million compared to $21.08 million in Q2 FY14. The company's reported operating revenues outperformed Bloomberg analysts' forecasts of $24.69 million. Golar's Q3 FY14 revenues from its time and voyage charter segment increased to $26.01 million from $18.34 million in Q2 FY14, while revenues from vessel and other management fees from Golar Partners increased to $2.83 million in the reported quarter from $2.75 million in Q2 FY14. In addition, the company's vessel utilization in Q3 FY14 went up to 56% from 47% in Q2 FY14. The free research on GLNG can be downloaded as in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Golar%20LNG&d=23-Dec-2014&s=GLNG
Golar's total operating expenses for Q3 FY14 increased to $34.19 million from $31.67 million in Q2 FY14. On the other hand, the company's Q3 FY14 operating loss narrowed to $5.17 million from an operating loss of $11.06 million in Q2 FY14. Further, Golar reported Q3 FY14 net income of $7.77 million, compared to a net loss of $24.23 million, reported in Q2 FY14. Analysts from Bloomberg had expected the company to report net loss of $1.65 million in Q3 FY14.
The company's Board of Directors has decided to maintain the dividend at $0.45 per share in the reported quarter. The dividend will be paid on, or about, December 30, 2014 to shareholders of record as on December 05, 2014.
As of September 30, 2014, Golar had cash and cash equivalents of $390.00 million compared to the $484.68 million reported on June 30, 2014. Sign up and read the free analyst's notes on GLNG at:
http://get.Investor-Edge.com/pdf/?c=Golar%20LNG&d=23-Dec-2014&s=GLNG
For Q4 FY14, Golar's board of directors currently expects the operating results to reflect an improvement over Q3 FY14 as the positive development in Q3 FY14 rates and utilization has continued into Q4 FY14. However, the present market dynamics are linked to the seasonal contango in the gas market, thus a challenging chartering market is anticipated for Q1 FY15. Golar anticipates that all ten of its new-build carriers will be delivered and will commence operations by Q1 FY15. Further, the recruitment of new employees to support the company's growth program is showing progress. In addition, the company expects G&A costs to increase over the coming quarters due to additional project work and non-cash costs linked to the recently announced option program designed to incentivize and retain key personnel,.
Looking at the longer term, the company's management is optimistic that the market has started the recovery from its low point. With the significant incremental production anticipated to come on stream through 2015 and into 2016, Golar's board expects to see a more sustained improvement in rates and utilization. In a tighter market, the company's board anticipates increased opportunities to contract for medium to longer terms at more attractive rates. Visit Investor-Edge and access the latest research on GLNG at:
http://get.Investor-Edge.com/pdf/?c=Golar%20LNG&d=23-Dec-2014&s=GLNG
Stock Performance
On the day of the earnings release, November 26, 2014, Golar's stock plummeted 5.32% ending the session at $49.45. Since then, the company's stock has witnessed a negative trend. On the last close, Monday, December 22, 2014, Golar's shares finished 4.36% lower at $34.65. The stock vacillated between $33.86 and $36.10 during the session. A total of 1.97 million shares were traded which was below its three months average volume of 2.73 million shares. The company's shares have advanced 0.81% in the previous three trading sessions. However, the stock has lost 34.47% in the last one month and 4.52% on YTD basis. Shares in Golar closed below their 50-day and 200-day moving averages of $47.32 and $52.25, respectively. Furthermore, the stock traded at a PE ratio of 907.12 and has a Relative Strength Index (RSI) of 36.67.
Sneak Peek to Corporate Insider Trading
In the last one month, Golar has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on GLNG is available at:
http://get.Investor-Edge.com/pdf/?c=Golar%20LNG&d=23-Dec-2014&s=GLNG
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