UK Markets open in 6 hrs 3 mins

Golar LNG (GLNG) Stock Rallies Post Q2 Earnings Beat

·3-min read

Golar LNG Limited GLNG reported mixed second-quarter 2022 results, wherein earnings beat estimates but revenues missed the same.

GLNG’s second-quarter 2022 earnings (excluding $1.73 from non-recurring items) of 40 cents per share surpassed the Zacks Consensus Estimate of 26 cents. The bottom line improved 50.8% year over year. The earnings beat pleased investors. As a result, shares of GLNG have gained 12.9% following the earnings report release on Aug 11.

Adjusted revenues of $66.5 million missed the Zacks Consensus Estimate of $89.7 million. The top line dropped 36.25% year over year. Revenues in the Floating Liquefied Natural Gas (FLNG) segment rose 8.6% year over year. FLNG Hilli Episeyo maintained its 100% uptime in the quarter under review.

The FLNG unit contributed 90% to GLNG’s top line. The balance came from corporate and other sources. Adjusted EBITDA surged 155% year over year to $100.9 million in the quarter. GLNG expects EBITDA generation from its existing FLNG portfolio to quadruple from the 2021 levels in 2024.

GLNG’s share of contractual debt at the end of the reported quarter decreased 41.7% to $1 billion. Golar LNG’s net income has increased 16% year to date to $575.2 million.

In line with its streamlining strategy, Golar LNG, currently sporting a Zacks Rank #1 (Strong Buy), completed the spin-off of its TFDE fleet in the June quarter. The final four vessels were sold to Cool Company. This completed the transfer of the shipping and FSRU management organization. Going forward, GLNG will focus on its business on FLNG.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Performances of Some Transportation Companies in Q2

J.B. Hunt Transport Services, Inc. JBHT reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate. JBHT’s quarterly earnings of $2.42 per share surpassed the Zacks Consensus Estimate of $1.61 and improved 50.3% year over year.

JBHT’s total operating revenues of $3,837.53 million also outperformed the Zacks Consensus Estimate of $2,908.37 million. The top line jumped 32% year over year on the back of strength across all segments. J.B. Hunt’s total operating revenues, excluding fuel surcharges, rose 21.2% year over year.

CSX Corporation CSX reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.

CSX’s quarterly earnings of 50 cents per share (excluding 4 cents from non-recurring items) beat the Zacks Consensus Estimate of 47 cents and improved 25% year over year.

CSX’s total revenues of $3,815 million outperformed the Zacks Consensus Estimate of $2,990 million. The top line increased 28% year over year on the back of higher revenues in almost all markets, driven by pricing gains, fuel surcharge and contribution from the acquisition of Quality Carriers. CSX’s overall revenues per unit increased 27%.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Golar LNG Limited (GLNG) : Free Stock Analysis Report
 
CSX Corporation (CSX) : Free Stock Analysis Report
 
J.B. Hunt Transport Services, Inc. (JBHT) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research