NVGS - Navigator surges as Q4 utilization rises secures $200M in new financing

2023-03-20 15:53:55 ET

Navigator Holdings ( NYSE: NVGS ) +7.6% in Monday's trading despite reporting Q4 GAAP earnings that came in short of expectations, as full-year earnings showed it has ~$25M left to buy back stock.

Navigator ( NVGS ) said it had purchased and canceled 2M common shares for a total amount of $25.4M by March 10, leaving $24.6M in the $50M stock buyback program that began in December 2022.

Q4 net income swung to a profit of $10.3M, or $0.13/share, from a net loss of $40.2M, or $0.53/share, in the year-ago quarter, while Q4 adjusted EBITDA remained flat at $59.4M compared to $59.7M a year earlier.

Q4 shipping vessel utilization rose to 94.1% from 91.4% in the prior-year period, bringing full-year average utilization to 89%, as the war in Ukraine boosted vessel utilization throughout 2022 and higher seasonal demand in natural gas lifted utilization early in the year.

Navigator ( NVGS ) also said it secured a new $200M senior secured term loan facility to refinance two existing loan facilities due to mature in 2023; the new loan will mature in 2029 and enable the company to borrow an additional $65M for general corporate purposes.

Navigator Holdings ( NVGS ) shares have gained 12.5% so far this year and 22% during the past 12 months .

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