NVGS - Navigator sinks after mixed results

• Shares of Navigator Holdings ( NYSE: NVGS ) dive 10.1% in morning trading on Wednesday after the company reported Q3 results.
• The company, which owns and operates handysize liquefied gas carriers and offers seaborne transportation services, on Tuesday after the bell reported Q3 GAAP EPS of $0.03, missing by 15 cents. However, total operating revenues were $106.8M (+4.0% Y/Y), ahead of consensus by at least $10.45M.
• NVGS also authorized a new share buyback plan to repurchase up to $50M of the company’s common stock.
• Other Q3 metrics: Adj EBITDA $41.5M vs $40.5M last year, Fleet utilization was 84.9% compared with 84.0% a year ago.
• During Q3, NVGS sold its oldest vessel Navigator Magellan to a third party for $12.7M. The sale is expected to be completed later this month.
• The total ethylene volume exported from North America during Q3 was 237,000 mts, the company said.
• Navigator also added that ethylene production rates were reduced during the third quarter and both European and Asian inventory levels remained elevated.
• October 2022 ethylene volumes increased to 104,000 tons, and NVGS expects another 79,000 tons for November, primarily as Asia reopens resulting in multiple cargoes being transported to the Far East for the first time since Q2 2022.
• The company cited shipbroker reports to indicate an increase for fully-refrigerated and semi-refrigerated vessels in Q4, being quoted at $695,000 pcm and $715,000 pcm, respectively.
• NVGS stock up 47% YTD.

For further details see: