Stolt-Nielsen Limited Reports Unaudited Results For The Fourth Quarter And Full Year 2022
2023年2月2日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMSNI
LONDON, February 2, 2023 -- Stolt-Nielsen Limited (Oslo Børs:
SNI) today reported unaudited results for the fourth quarter and
full year 2022. The Company reported a fourth-quarter net profit of
$95.3 million, with revenue of $732.5 million, compared with a net
profit of $74.7 million, with revenue of $744.0 million, in the
third quarter. The net profit for the full year was $280.9 million,
with revenue of $2,771.8 million, compared with a net profit of
$78.8 million, with revenue of $2,181.1 million, in 2021. The
EBITDA for the full year 2022 was $715.3 million, up from $536.6
million in 2021.
Highlights for the fourth quarter, compared with the third
quarter of 2022, were:
-- EBITDA of $196.0 million, up from $184.4 million.
-- Stolt Tankers reported operating profit of $78.2 million, up from $61.1
million, largely driven by higher spot rates and improved volume.
-- The STJS average sailed-in revenue for the quarter was $27,162 per
operating day, up from $24,341.
-- Stolthaven Terminals reported operating profit of $20.8 million, compared
with $20.7 million.
-- Stolt Tank Containers (STC) reported operating profit of $44.9 million,
up from $43.1 million. Higher demurrage revenue offset a decrease in
shipments while margins held steady.
-- Stolt Sea Farm reported an operating profit before fair value adjustment
of biomass of $3.3 million, down from $6.1 million, reflecting lower
sales volume due to seasonal impacts.
-- Stolt-Nielsen Gas reported an operating loss of $2.9 million, compared to
a loss of $2.0 million.
-- Corporate and Other reported an operating loss of $10.4 million compared
with a loss of $14.8 million.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen
Limited, commented: "The fourth quarter capped a stellar year,
where all businesses performed well. The improvements seen in our
markets were key, as well as our steadfast focus during recent
years on implementing and delivering on our strategies for each of
the businesses. Stolt Tankers' net profit improved for the fourth
consecutive quarter as chemical tanker spot rates and volumes
continued to improve. Results at Stolthaven Terminals remained
unchanged. Continued improvements at our Houston and New Orleans
terminals in the US were offset by softness in other regions, most
notably Europe. Stolt Tank Containers, the star performer of 2022,
delivered another strong quarter following their success at
maintaining margins as container liner freight rates declined. At
Stolt Sea Farm, seasonality is reflected in the weaker fourth
quarter results, where focus was on production and preparations for
the peak Christmas season sales during December.
"For Stolt Tankers, the fourth quarter into the first quarter is
the peak contract renewal season with about 55% of total contracts
up for negotiations. The average rate increase on the contracts
renewed in the fourth quarter was approximately 30%, which will
have a positive impact on future earnings. In addition we have
successfully tightened terms in the contracts. About 16% of our
contract portfolio has not been renewed as some customers were not
prepared to accept the increases we asked for. Most of these
customers are currently operating in the spot market. With little
to no growth in the global chemical tanker fleet in the next few
years, and newbuilding orders not available for delivery prior to
2026, we expect continued strengthening of our tanker markets.
"At Stolthaven Terminals, high utilisation at our Houston and
New Orleans, US, terminals and elsewhere, will allow for increased
storage rates, although we are seeing areas with softness,
particularly in Europe. We therefore expect to see similar
performance from Stolthaven Terminals in 2023.
"At Stolt Tank Containers, the impact of the increased space on
container liners means we are also seeing stronger competition
leading to margin pressure. Reduced volumes out of Europe reflect
the strain on the European chemical industry caused by high energy
costs; however, this is countered by the opening up of China,
driving renewed volumes out of Asia, while the Americas remain
flat. Overall we expect STC's 2023 results to be in line with our
pre-2022 historical earnings.
"At Stolt Sea Farm we expect slightly lower prices in 2023 from
our turbot sales due to the recessionary pressure impacting the
hospitality sector. We expect continued growth in both volume and
prices from sole operations."
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
-- SNL - 4Q22 Earnings Release
https://ml-eu.globenewswire.com/Resource/Download/a42d6db6-61a7-430e-a395-b43eaf2f0820
-- SNL - 4Q22 Interim Accounts
https://ml-eu.globenewswire.com/Resource/Download/5cc69d9a-5df9-4f52-a933-b8bddf89b478
(END) Dow Jones Newswires
February 02, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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