AVACF - Avance Gas Holding GAAP EPS of $0.45 revenue of $67.41M beats by $10.28M
- Avance Gas Holding press release ( OTCPK:AVACF ): Q4 GAAP EPS of $0.45.
- Revenue of $67.41M (+29.3% Y/Y) beats by $10.28M .
- The average time charter equivalent rate was $46,478/day, in line with guidance of $45,000- 50,000/day. The fourth quarter results have a significant load-to-discharge adjustment of negative $10.8 million or reduction of $9,300 in TCE/day. The TCE basis discharge-to-discharge was therefore at $55,813 slightly higher than the guided level of $50-55,000/day.
- During the fourth quarter, the Company sold the 2009-built VLGC Promise with a Time-Charter attached resulting in a gain on sale of vessels of $7.9 million. Promise is the third older vessel sold during the year bringing the total gains on sale of $18.7 million for these three ships during 2022.
- For the first quarter of 2023, we estimate a TCE rate for the quarter to be approximately $58,000/day on a load-to-discharge basis and $55,000/day on a discharge-to-discharge basis.
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Avance Gas Holding GAAP EPS of $0.45, revenue of $67.41M beats by $10.28M