Flex LNG Ltd. (FLNG), a company specializing in LNG shipping, announced its financial results for the fourth quarter on Tuesday, reporting a net income of $45.2 million, or $0.84 per share. This represents a significant increase from the $19.39 million, or $0.36 per share, recorded in the same period the previous year.
When adjusted for certain items, the company's net income was $30.8 million, or $0.57 per share, compared to an adjusted net income of $37.8 million, or $0.70 per share, in the corresponding quarter last year.
For the quarter, Flex LNG's vessel operating revenues fell to $90.9 million, down from $97.2 million in the prior-year period. The fourth quarter of 2024 figures include $1.4 million from EU ETS revenues.
According to projections by five analysts, the company was expected to report revenues of around $89.9 million for the quarter. It should be noted that these analyst estimates usually do not take special items into account.
In addition, Flex LNG has announced a dividend of $0.75 per share for the fourth quarter of 2024. This dividend is set to be disbursed on or about March 5, to shareholders who are on record as of February 20.
Looking towards the future, the company commented on the market outlook, stating, "The short to medium-term outlook for LNG shipping is challenging given the many ship deliveries ahead of increased new export capacity. As such, we anticipate that 2024 to 2027 may mirror the period from 2014 to 2017. Consequently, we expect our financial performance in 2025 to align with that of 2024."
