Liquefied natural gas shipping firm Golar LNG Ltd. (GLNG) reported Tuesday a sharp increase in fourth-quarter profit, as revenues grew on significant improvement in charter rates. However, earnings per share missed analysts' consensus.
The company said its vessel utilization in the quarter was 100 percent, with improvement in average daily time charter. Spot rates increased to $135,000 per day from $110,000 per day by the end of the quarter.
Looking ahead to the first quarter of 2012, the company expects EBITDA to be in line with the fourth quarter. EBITDA is expected to grow further in the third and fourth quarter 2012 based on existing contracts.
In the fourth quarter, net profit attributable to the company surged to $17.18 million from $4.71 million reported in the previous year. On a per share basis, earnings were $0.21, significantly higher than $0.07 per share a year earlier.
On average, 3 analysts polled by Thomson Reuters expected earnings per share of $0.26 for the quarter. Analysts' estimates typically exclude one-time items.
Operating income for the recent quarter was $33.8 million, up from $15.01 million a year ago.
Operating revenues improved to $80.62 million from $64.62 million in the same quarter last year. The company attributed the increase in revenues mainly to the additional revenue contribution from Gimi, which was in charter throughout the quarter.
The board has also proposed a quarterly cash dividend of $0.325 per share, to shareholders of record on March 11, 2012, payable on or about March 21.
GLNG closed Monday's regular trading at $46.91 on the Nasdaq.
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