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FLEX LNG Ltd (FLNG)
NYSE:FLNG
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Earnings Data
Report Date
Feb 28, 2025Before Open Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.55Last Year’s EPS
$0.7Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 12, 2024
|% Change Since: -10.87%
|Next Earnings Date:Feb 28, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mix of strong financial performance, robust cash position, and successful long-term contracts, countered by challenges in the spot market and a slight decline in dividend per share. The overall outlook remains cautiously optimistic with potential market risks acknowledged.Company Guidance
In the Q3 2024 earnings call for Flex LNG (FLNG.OL), the company reported revenues of $90.5 million, aligning closely with their guidance of approximately $90 million. The adjusted net income stood at $28.7 million, translating to an adjusted earnings per share of $0.53 for the quarter. Flex LNG highlighted a robust financial position with a pro forma cash balance of $450 million, equating to about 35% of their market capitalization. Despite a challenging soft spot market impacting one of their ships, the company declared its 13th consecutive ordinary dividend at $0.75 per share, maintaining an attractive yield of 13%. Time Charter Equivalent (TCE) rates were reported at $75,400, slightly below the guidance range of $75,000 to $77,000. Operationally, the company achieved 100% technical utilization of its fleet, with OpEx remaining within budget at $14,900 per day. Flex LNG also emphasized their strategic moves in hedging interest rates, boosting their hedge portfolio to $635 million with an average rate of close to 2% and a duration of about four years, reflecting a well-fortified balance sheet.Strong Financial Performance
Revenues for the quarter were $90.5 million, with an adjusted EBITDA of $70 million. The company maintained a high technical utilization rate of 100%.
Robust Cash Position
Pro forma cash position stands at $450 million, which is about 35% of the market cap.
New Long-Term Contracts
New contracts for Flex Resolute and Flex Courageous extend to 2029-2032, with options up to 2039.
Dividend Stability
Declared the 13th consecutive ordinary dividend per share of $0.75, with a trailing 12-month dividend yield of 13%.
Interest Rate Hedging Success
Increased hedge portfolio with $635 million of swaps at a weighted interest rate of close to 2%, providing stability amid interest rate fluctuations.
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FLNG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FLNG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 12, 2024 | $23.93 | $24.82 | +3.72% |
| Aug 14, 2024 | $25.23 | $25.15 | -0.32% |
| May 23, 2024 | $27.47 | $26.99 | -1.75% |
| Feb 07, 2024 | $26.15 | $24.67 | -5.66% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does FLEX LNG Ltd (FLNG) report earnings?
FLEX LNG Ltd (FLNG) is schdueled to report earning on Feb 28, 2025, Before Open Not Confirmed.
What is FLEX LNG Ltd (FLNG) earnings time?
FLEX LNG Ltd (FLNG) earnings time is at Feb 28, 2025, Before Open Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FLNG EPS forecast?
FLNG EPS forecast for the fiscal quarter 2024 (Q4) is $0.55.
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