Golar LNG (GLNG) Q3 Loss Wider Than Expected, Revenues Miss
Zacks Investment Research | Nov 26, 2019 09:50PM ET
Golar LNG Limited (NASDAQ:GLNG) incurred a loss (excluding 44 cents from non-recurring items) of 37 cents per share in third-quarter 2019, wider than the Zacks Consensus Estimate of a loss of 25 cents. Moreover, the amount of loss increased year over year.
Total operating revenues amounted to $93.07 million, falling short of the Zacks Consensus Estimate of $101 million. The top line also declined year over year due to positioning and scheduled dry docking of three vessels during the quarter.
Of the total revenues, Liquefaction services revenues accounted for the bulk (55.3%) of the company’s top line. Revenues from this segment were flat on a sequential comparison. Time and voyage charter revenues rose 25.7% sequentially. Revenues from Vessel and other management fees too increased approximately 4% sequentially. Additionally, Time Charter Equivalent (TCE) earnings climbed to $35,200 per day in the quarter under discussion compared with $24,400 in second-quarter 2019. TCE earnings were partly affected by positioning and repositioning for 5 dry dockings.
Golar LNG Limited Price, Consensus and EPS Surprise
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