Golar LNG (GLNG) Q1 Earnings Beat Estimates, Increase Y/Y

Golar LNG Limited GLNG reported mixed first-quarter 2022 results, wherein earnings beat estimates but revenues miss the same.

GLNG’s first-quarter 2022 earnings (excluding $2.86 from non-recurring items) of 34 cents per share surpassed the Zacks Consensus Estimate of 25 cents. The bottom line improved more than 500% year over year.

Adjusted revenues of $77.3 million missed the Zacks Consensus Estimate of $92.3 million. The top line dropped 38.6% year over year. Revenues in the Floating Liquefied Natural Gas (FLNG) segment rose 15.6% year over year. FLNG Hilli Episeyo maintained its 100% commercial uptime in the quarter under review.

While revenues from the shipping segment contributed 12.5% to the top line, the FLNG unit contributed 78.9% to GLNG’s top line. Time and voyage charter revenues surged 84.1% year over year to $9,985 million. Liquefaction services revenues came in at $62.9 million, up 15.6% year over year. Revenues from Vessel and other management fees fell 20.5% year over year to $6.8 million.

Vessel operating expenses decreased year over year to $19.5 million in the quarter from $30.7 million. Total administrative expenses increased 19% year over year to $10 million. Project-development expenses declined 44.8% year over year to $902 million in the reported quarter.

Golar LNG Limited Price, Consensus and EPS Surprise

Golar LNG Limited Price, Consensus and EPS Surprise

Golar LNG Limited price-consensus-eps-surprise-chart | Golar LNG Limited Quote

Golar LNG, currently sporting a Zacks Rank #1 (Strong Buy), exited the first quarter with a total cash balance of $209.1 million, of which $135.9 million was unrestricted cash. As of Mar 31, 2021, its total debt (current and non-current) was $1.64 billion. You can see the complete list of today's Zacks #1 Rank stocks here.

Earnings Snapshots

Within the broader Transportation sector, J.B. Hunt Transport Services JBHT, CSX Corporation CSX and United Airlines UAL recently reported first-quarter 2022 results.

J.B. Hunt reported better-than-expected first-quarter 2022 earnings. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on the back of higher revenues across all segments.

Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year. JBHT currently carries a Zacks Rank #3 (Hold).

CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.

Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year. CSX carries a Zacks Rank of 3 at present.

United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss incurred by UAL as coronavirus concerns continue to weigh on air-travel demand.

Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million. UAL is presently Zacks #3 Ranked.

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