Flex Lng ( (FLNG) ) has released its Q4 earnings. Here is a breakdown of the information Flex Lng presented to its investors.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Flex LNG Ltd. is a company specializing in the operation of liquefied natural gas (LNG) carriers, focusing on the shipping sector with a fleet of modern, fuel-efficient vessels.
In its latest earnings report, Flex LNG announced a solid financial performance for the fourth quarter of 2024, with net income significantly increasing to $45.2 million from $17.4 million in the previous quarter. The company also declared a dividend of $0.75 per share for the fourth quarter, maintaining its consistent dividend payout.
Key financial metrics from the report include vessel operating revenues of $90.9 million, a slight increase from the previous quarter, and adjusted net income of $30.8 million. The company benefited from gains on derivatives, contributing to a substantial rise in net income. Strategic moves included the sale and leaseback of Flex Endeavour, increasing cash reserves and long-term debt.
Flex LNG’s strategic adjustments also involved extending time charters for several vessels, securing long-term contracts to offset market volatility. The company has initiated a delisting process from the Oslo Stock Exchange, aiming to optimize its market presence.
Looking forward, Flex LNG’s management remains optimistic, projecting financial performance in 2025 to align with the achievements of 2024. The company is well-prepared for market challenges due to its strong balance sheet and charter backlog.
