Flex LNG’s Q2 results impressed investors, driving a 3.1% rise in the stock as higher spot market revenues and new contracts lifted earnings well above the prior quarter.
- Revenues reached $106.8 million ($102.7 million excluding EUAs), supported primarily by strong spot earnings from Flex Volunteer and Flex Artemis.
- Fleet average Time Charter Equivalent (TCE) came in at $86,100 per day, above the midpoint of full-year guidance ($73,000 – $78,000).
- Net income was $44.9 million ($0.83 per share), with adjusted net income of $42.5 million ($0.79 per share), more than doubling Q1 results.
- Operating expenses averaged $16,260 per day, slightly above full-year guidance ($16,000), impacted by higher crew travel costs due to Middle East disruptions.
- The balance sheet remains solid with $397 million in cash and a 27.4% book equity ratio; the company declared a $0.75 per share dividend, marking the 20th consecutive quarter at this level.
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