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Navigator Gas Announces Preliminary First Quarter 2025 Results (Unaudited)
NVGSNavigator .(NVGS) GlobeNewswire·2025-05-14 20:14

Financial Performance - The company declared a cash dividend of 0.05pershareforthequarterendedMarch31,2025,totaling0.05 per share for the quarter ended March 31, 2025, totaling 3.5 million, and plans to repurchase approximately 3.3millionofitscommonstock[1]−TotaloperatingrevenuesforthethreemonthsendedMarch31,2025,were3.3 million of its common stock [1] - Total operating revenues for the three months ended March 31, 2025, were 151.4 million, a 12.9% increase from 134.2millionforthesameperiodin2024[1]−Netincomeattributabletostockholderswas134.2 million for the same period in 2024 [1] - Net income attributable to stockholders was 27.0 million for the three months ended March 31, 2025, compared to 22.6millionforthesameperiodin2024,reflectinga19.822.6 million for the same period in 2024, reflecting a 19.8% increase [1][30] - EBITDA for the quarter was 74.3 million, up from 72.8millionintheprioryear[1][30]−Basicearningspershareincreasedto72.8 million in the prior year [1][30] - Basic earnings per share increased to 0.39 for the three months ended March 31, 2025, compared to 0.31forthesameperiodin2024[1][30]OperationalHighlights−Theaveragedailytimecharterequivalent(TCE)rateacrossthefleetwas0.31 for the same period in 2024 [1][30] Operational Highlights - The average daily time charter equivalent (TCE) rate across the fleet was 30,476 for the three months ended March 31, 2025, compared to 28,339forthesameperiodin2024[3][36]−Fleetutilizationremainedstrongat92.428,339 for the same period in 2024 [3][36] - Fleet utilization remained strong at 92.4% for the three months ended March 31, 2025, compared to 89.3% for the same period in 2024 [4][36] - The company had an average of 30 vessels engaged under time charters and 20 vessels on spot voyage charters during the quarter [6] Debt and Liquidity - The company increased its debt by 48.6 million to 902.1millionduringthethreemonthsendedMarch31,2025[1]−AsofMarch31,2025,thecompanyhadcash,cashequivalents,andrestrictedcashtotaling902.1 million during the three months ended March 31, 2025 [1] - As of March 31, 2025, the company had cash, cash equivalents, and restricted cash totaling 139.0 million [1][53] - The company entered into a Senior Secured Term Loan and Revolving Credit Facility for up to 300milliononMay2,2025,torefinanceexistingloansandforgeneralcorporatepurposes[14][55]MarketConditions−U.S.domesticethylenepriceswereelevatedatthebeginningofthefirstquarter,reachingahighof300 million on May 2, 2025, to refinance existing loans and for general corporate purposes [14][55] Market Conditions - U.S. domestic ethylene prices were elevated at the beginning of the first quarter, reaching a high of 700 per metric ton in January, but fell to 450permetrictonbytheendofMarch2025[5]−Thecompany’sshareofresultsfromtheEthyleneExportTerminalshowedalossof450 per metric ton by the end of March 2025 [5] - The company’s share of results from the Ethylene Export Terminal showed a loss of 0.9 million for the three months ended March 31, 2025, compared to a gain of 4.4millionforthesameperiodin2024,primarilyduetolowerexportvolumes[10][48]ShareholderReturns−Thecompany’sReturnofCapitalpolicyincludesquarterlycashdividendsandsharerepurchases,targetingatotalreturnofatleast254.4 million for the same period in 2024, primarily due to lower export volumes [10][48] Shareholder Returns - The company’s Return of Capital policy includes quarterly cash dividends and share repurchases, targeting a total return of at least 25% of net income for the applicable quarter [23][24] - A new share repurchase plan was authorized on May 13, 2025, allowing for the repurchase of up to 50 million of common stock [22]