Hoegh LNG Partners Reports Mixed Q2 Results

  • Hoegh LNG Partners LP HMLP reported second-quarter total time charter revenue of $36.94 million, an increase of 6.5% year-over-year, beating the consensus of $35.19 million.
  • Earnings per unit of $0.28 missed the consensus of $0.37.
  • Operating income decreased by 7.4% Y/Y to $22.29 million, and the margin contracted by 901 bps to 60.33%.
  • Segment EBITDA was $31.01 million (-9.5% Y/Y), and margin declined 1,481 bps to 84%.
  • Hoegh LNG generated cash from operating activities of $20.9 million in Q2, compared to $21.07 million a year ago.
  • Total operating expenses were $19.2 million, an increase of $5.3 million from $13.9 million in 2Q21.
  • As of June 30, 2022, the company held cash and equivalents of $42.4 million. Book value and outstanding principal of total long-term debt were $361 million and $365.7 million, respectively.
  • Price Action: HMLP shares are trading higher by 0.16% at $9.23 on the last check Wednesday.
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