Dynagas LNG Partners Shares Dip After Mixed Q4 Results

Author: Akanksha Bakshi | March 17, 2023 10:24am

• Dynagas LNG Partners LP (NYSE:DLNG) reported fourth-quarter FY22 voyager revenue was $35.06 million, a decline of 1.72% year-over-year, beating the consensus of $34.41 million.
• Adjusted EPS was $0.11, which missed the consensus of $0.22.
• Operating income declined 2.9% Y/Y to $16.24 million, and the margin contracted 56 bps to 46.3%.
• Adjusted EBITDA was $23.63 million (-4.3% Y/Y), and the margin contracted by 183 bps to 67.4%.
• The company reported an average daily hire gross of commissions of ~$62,700 per day per vessel for the quarter, compared to ~$64,500 per day per vessel for 4Q21, on vessels operated at 100% utilization.
• DLNG generated net cash from operating activities of $57.32 million for the fiscal, compared to $79.59 million a year ago. 
• As of Dec. 31, 2022, the company reported total cash of $79.9 million, which includes $31.3 million of restricted cash.
• The time charter equivalent (TCE) rate for the quarter was $62.24 million, a decline of 2.2% Y/Y.
• DLNGs All six LNG carriers have an average remaining contract term of 6.4 years. As of Mar. 17, 2023, the estimated contracted revenue backlog was $1 billion.
• As of Mar. 17, 2023, DLNG had estimated contracted time charter coverage for 100% of its fleet and estimated Available Days for 2023, 2024, and 2025. 
• Price Action: DLGN shares are trading lower by 1.74% at $2.82 on the last check Friday.

Posted In: DLNG