Golar LNG Limited (NASDAQ: GLNG) Reports Weak 3Q Results

Golar LNG Limited (NASDAQ: GLNG) Reports Weak 3Q Results

Shares of Golar LNG Limited (USA) (NASDAQ:GLNG) is currently trading at $14.98, down 1.77% or $0.27 from its previous day close. The stock made it new 52 week high of $15.94 in today's trading session, the 52 week low being $9.42. Approximately volume of 180,292 has been traded today with market capital of $1.01 billion.

Today the company reported its third quarter financial results for the year ended 2010. Revenue soared 24% quarter over quarter from $55.7 million in the second quarter to $70.4 million in the latest quarter. The improvement is primarily due to the Golar Freeze being operational for the entire quarter as compared to only part of the second quarter, as well as a significant improvement in the earnings of the spot trading vessels.

The consolidated net income of $4.1 million and consolidated operating income of $21.5 million has been reported for the third fiscal quarter. The company posted EBITDA of $38 million, below the street consensus of $42 million.

The Company won FSRU contract on the West FSRU project and signed LOI with PT Nusantara Regas. The contract value is $500 million and the firm duration is eleven years. The newly established trading arm (Golar Commodities) has executed two physical cargo trades. The division reported a loss of $3.4 million in the quarter on net mark-to-market losses on physical cargo trades and derivatives. Golar Commodities has entered into a $150 million LNG trading facility on an uncommitted basis. The Company has sufficient equity to finance its current activities.

The company increased its quarterly cash dividend to its target of $0.25 per share; this corresponds to a 10% annualized yield on the Golar LNG stub.

Cash position of the company during the third quarter has reduced to $51 million from $116 million in the second quarter. This has been driven by negative change in working capital and cash payment of $36 million to secure obligations for Golar Commodities. This amount has been partly refinanced and partly repaid since the end of the quarter.

Golar LNG Limited (Golar) is the owner and operator of liquefied natural gas (LNG) carriers and floating storage regasification units (FSRUs). Continue @ http://collegestock.com/blog/048-golar-lng-limited-nasdaq-glng-reports-weak-3q-results/

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