Venture Global, Inc. (VG), a provider of the United States liquefied natural gas (LNG), on Monday reported a profit for the third quarter compared with a loss last year, primarily driven by strong growth in sales. However, the company lowered its full-year adjusted EBITDA outlook.
Net profit for the quarter was $429 million, or $0.18 per share, compared with a net loss of $347 million, or $0.15 per share, in the prior-year period.
On average, 9 analysts expected earnings of $0.23 per share. Analysts' estimates typically exclude special items.
Income from operations surged to $1.32 billion from $189 million, supported by significant revenue growth.
Adjusted EBITDA, or adjusted earnings before interest, taxes, depreciation, and amortization rose sharply to $1.525 billion from $283 million a year earlier.
Revenue for the quarter jumped about 26% to $3.329 billion from $926 million last year, exceeding the consensus estimate of $3.26 billion.
The company cut its full-year adjusted EBITDA guidance to $6.35 billion-$6.50 billion from $6.40 billion-$6.80 billion, citing a lower assumed fixed liquefaction fee on remaining unsold cargos and reserves related to ongoing arbitrations.
Venture Global's shares rose more than 8% in pre-market trading after closing 3.1% higher at $7.99 on Friday.
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