Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2024
Source: GlobeNewswireStolt-Nielsen Limited Reports Unaudited Results
For the First Quarter of 2024
A strong quarter marks a solid start to 2024
LONDON, April 10, 2024 – Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the first quarter ending February 29, 2024. The Company reported a first-quarter net profit of $104.0 million with revenue of $707.3 million, compared with a net profit of $99.8 million with revenue of $708.7 million in the first quarter of 2023.
Highlights for the first quarter of 2024, compared with the first quarter of 2023, were:
- Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $207.2 million, down from
$215.6 million. - Earnings per share in the first quarter was $1.94, up from $1.86.
- Stolt Tankers reported operating profit of $93.0 million, up from $87.1 million.
- The STJS average time-charter equivalent (TCE) revenue for the quarter was $29,944 per operating day, up 3.0% from $29,066.
- Stolthaven Terminals reported operating profit of $28.5 million, up from $25.1 million.
- Stolt Tank Containers reported operating profit of $13.3 million, down from $39.3 million.
- Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $6.9 million, up from $5.7 million.
- Stolt-Nielsen Gas reported an operating loss of $2.0 million, compared to a loss of
$3.4 million. - Corporate and Other reported an operating cost of $10.7 million compared to a cost of
$9.2 million reflecting profit sharing accruals and other non-divisional expenses.
Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented:
“I am pleased to see that we have started the new financial year on a strong note. The firm market conditions enjoyed by Stolt Tankers during 2023 continued into the first quarter and have been further supported by the restricted transits of both the Panama and Suez canals. Spot rates continued to strengthen through the first quarter and we should start seeing the effect in the second quarter onwards. That said, we have seen some contract volumes decline as our customers adjust to the impact of supply chain disruptions. Stolthaven Terminals produced record operating results for the quarter, fully focused on executing the strategy of bringing in higher-margin business. At Stolt Tank Containers shipment volumes continued to increase as we hit a record 40,047 shipments during the first quarter – an increase of 22% from the same quarter last year – as we continue to grow our market share. The reductions in margins and demurrage revenue that we experienced during 2023 now seem to have levelled off. Stolt Sea Farm’s strong operating performance continued into the first quarter as a result of rising sales volumes and firming prices for both turbot and sole.
“During the quarter our deep-sea joint venture, NYK Stolt Tankers, announced a newbuilding order for six stainless-steel fuel-efficient ships from Nantong Xiangju Shipyard in China, with estimated delivery from late 2026 onwards. We are pleased to have secured these additional newbuildings with a quality yard and a favourable delivery schedule that fits with the retirement of our older tonnage. This order brings our total deep-sea orderbook to 12 ships.”
Conference Call
Stolt-Nielsen Limited (Oslo Børs: SNI) will host a virtual presentation to discuss the Company’s unaudited results for the first quarter of 2024 on Wednesday, April 10, 2024 at 14:00 CEST (08:00 EDT, 13:00 BST).
The virtual presentation will be hosted by:
- Mr. Udo Lange - Chief Executive Officer, Stolt-Nielsen Limited
- Mr. Jens F. Grüner-Hegge - Chief Financial Officer, Stolt-Nielsen Limited
- Mr. Alex Ng - Vice President Strategy & Business Development, Stolt-Nielsen Limited
To join the virtual presentation, please click here.
The presentation will be published on our website:
https://www.stolt-nielsen.com/investors/financial-results/
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Attachments
