SFL Registers 12% Sequential Revenue Growth In Q4


SFL Corp Ltd SFL reported fourth-quarter operating revenue growth of 12.3% Q/Q to $152.06 million, missing the consensus of $153.22 million.

  • Total operating expenses increased by 9.7% Q/Q to $88.56 million.
  • Operating income increased to $102.85 million (+87.7% Q/Q), and margin improved to 67.6% from 40.2% last quarter.
  • EPS improved to $0.63 from $0.26 in 3Q21.
  • The company received charter hire of ~$165.8 million in the quarter from its vessels and rigs.
  • SFL reported Adjusted EBITDA of $113.4 million from consolidated subsidiaries, plus an additional $7.9 million adjusted EBITDA from associated companies.
  • The Board declared a quarterly cash dividend of $0.20 per share, payable on or around March 29, to shareholders on record as of March 16.
  • The estimated fixed-rate charter backlog from the company’s fleet of 74 wholly or partly owned vessels and newbuildings was ~$2.8 billion with a weighted remaining charter term of almost 7 years.
  • SFL generated cash from operating activities of $91.5 million in Q4, compared to $77.14 million in Q3.
  • As of December 31, 2021, SFL had approximately $146 million in cash and equivalents. Additionally, it had marketable securities of ~$21 million.
  • Price Action: SFL shares are trading higher by 8.93% at $9.51 on the last check Wednesday.
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