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

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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 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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