Flex LNG Ltd. (FLNG), an LNG shipping company, on Tuesday posted net income of $45.2 million or $0.84 per share in the fourth quarter, higher than $19.39 million or $0.36 per share in the same period last year.
On an adjusted basis, net income was $30.8 million or $0.57 per share in the quarter, compared to $37.8 million or $0.70 per share last year.
For the three-month period, vessel operating revenues dropped to $90.9 million from $97.2 million in the previous-year quarter. The fourth quarter of 2024 included $1.4 million of EU ETS revenues.
On average, 5 analysts expected the company to post revenues of $89.9 million for the fourth quarter. Analysts' estimates typically exclude special items.
Flex LNG also declared a dividend of $0.75 per share for the fourth quarter of 2024. The dividend is payable on or about March 5 to shareholders, on record as of February 20.
Looking ahead, the company said, "The short to medium term outlook for LNG shipping is challenging given the numerous ship deliveries ahead of ramped up new export capacity. As such, we think 2024 to 2027 will probably resemble the period 2014 to 2017. We are therefore guiding financial performance in 2025 to be in line with what we achieved in 2024."
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