Flex LNG Clocks 24% Revenue Increase In Q1, Reaffirms 2023 Outlook

  • Flex LNG Ltd FLNG reported Q1 2023 revenue growth of 24% Y/Y to $92.5 million, led by an improved spot market. 
  • The average time charter equivalent rate was $80,175 per day in Q1 2023 versus $62,627 per day a year ago. 
  • Operating expenses increased to $15.7 million from $14.4 million prior year.
  • Adjusted EBITDA stood at $72.5 million versus $56.3 million a year ago.
  • Adjusted EPS of $0.65 increased from $0.42 in the prior year.
  • Net cash provided by operating activities stood at $38.3 million in Q1 2023. 
  • Cash and equivalents stood at $475.5 million at the end of the quarter.
  • 2023 Reaffirmed: FLNG expects revenues to increase to about $370 million for 2023 (vs. $348 million in 2022) and the fleet's average Time Charter Equivalent Rate to stand at about $80,000 per day for 2023. 
  • The company expects revenues to pick up in H2 2023, with the drydocking program scheduled to complete by the end of June. 
  • Price Action: FLNG shares are trading lower by 5.18% at $30.61 on the last check Tuesday.
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