FLNG - Flex LNG tumbles despite favourable guidance earnings beat

• Flex LNG ( NYSE: FLNG ) stock fell sharply on Tuesday despite guiding for current quarter above the consensus mark, alongside easy earnings beat in Q3 2022 .
• The company posted vessel operating revenue of $91.3M (+11.6% Y/Y), beating estimates by $0.12M .
• Average Time Charter Equivalent (TCE) rate was $75,941 per day, compared to $70,707 per day for the second quarter 2022.
• Adjusted EBITDA rose sequentially to $70.9M from $66.1M.
• Non-GAAP EPS of $0.79 beat consensus by $0.04.
• The LNG shipping company said that the "boom in freight market has affected both short and long term rates positively."
• Guidance: Q4 2022 Revenue is forecasted to range between $95-$98M, narrowed down from its prior guidance range of $90-$100M. That compares with consensus of $94.41M.
• The company expects minimum $300M cash release from balance sheet optimization. Flex LNG, further, confirmed the 100% contract coverage for 2023 and minimum 91% coverage for 2024.
• FLNG shares are down 6% in mid-day trading on Tuesday.
• Also, the Board has declared $0.75/share quarterly dividend, in line with previous.

For further details see: