Navigator Holdings Ltd. (NVGS) Misses Q3 EPS by 6c, Revenues Beat

Navigator Holdings Ltd. (NYSE: NVGS) reported Q3 EPS of $0.03, $0.06 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $81.4 million versus the consensus estimate of $64.98 million.

Highlights

• Navigator Holdings Ltd. (the "Company", "we", "our" and "us") (NYSE: NVGS) reported operating revenue of $81.4 million for the three months ended September 30, 2020, compared to $75.6 million for the three months ended September 30, 2019.
• Net income was $1.5 million or an earnings per share of $0.03 for the three months ended September 30, 2020 compared to a net loss of $2.9 million or a loss per share of $0.05 for the three months ended September 30, 2019.
• Adjusted EBITDA(1) was $31.9 million for the for the three months ended September 30, 2020, comprising $27.5 million from the operations of the vessels and $4.4 million from our 50/50 joint venture (the "Export Terminal Joint Venture") relating to the ethylene export marine terminal at Morgan's Point, Texas (the "Marine Export Terminal"). This compared to $29.5 million for the three months ended September 30, 2019.
• Fleet utilization decreased to 78.8% for the three months ended September 30, 2020 compared to 84.6% for the three months ended September 30, 2019.
• On August 4, 2020, we amended our Terminal Facility to provide for a total availability of $69.0 million and to enable the immediate drawdown of $34.0 million for general corporate purposes.
• On September 10, 2020, issued new senior unsecured $100 million 5-year bonds at a fixed coupon of 8.00% per annum to refinance the 2017 Bonds that were scheduled to mature in February 2021.
• On September 17, 2020, entered into a new $210 million revolving credit facility to refinance one of its secured credit facilities which enabled the Company to borrow an additional approximate $30 million for general corporate purposes.
• Following the execution of the above facilities, our cash and undrawn amounts available from our loan facilities has increased significantly during the quarter, to approximately $120.0 million at September 30, 2020, with no further loan maturities until April 2022.
• We have achieved a record of 714 days without a Lost-Time-Incident (LTI) across our in-house technical managed fleet of 17 vessels.

For earnings history and earnings-related data on Navigator Holdings Ltd. (NVGS) click here.

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