Dynagas LNG Partners Shares Surge On Q1 Earnings Beat

  • Dynagas LNG Partners LP DLNG reported that first-quarter voyager revenue was $33.26 million, a slight decline of 0.5% year-over-year, beating the consensus of $32.23 million.
  • Adjusted EPS was $0.19, beating the consensus of $0.17.
  • The operating income declined 20.3% Y/Y to $12.56 million, and the margin contracted 940 bps to 37.7%.
  • Adjusted EBITDA was $22.94 million (-3.9% Y/Y), and the margin contracted by 240 bps to 69%.
  • DLNGs All six LNG carriers have an average remaining contract term of 6.6 years. As of June 27, 2022, the estimated contracted revenue backlog was $0.98 billion.
  • The company reported average daily hire gross of commissions of ~$63,130 per day per vessel for the quarter, compared to ~$62,250 per day per same quarter 2021, on vessels operated at 100% utilization.
  • DLNG generated net cash from operating activities of $24.8 million for the quarter, compared to $22.9 million a year ago. As of March 31, 2022, the company held total cash of $106.6 million.
  • As of June 27, 2022, DLNG had estimated contracted time charter coverage for 100% of its fleet's available days for 2022, 96% of its available days for 2023, and 83% of its fleet's estimated Available Days for 2024.
  • Price Action: DLGN shares are trading higher by 5.34% at $3.55 during the post-market session on Monday.
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Posted In: EarningsNewsPenny StocksBriefs