Free Research Report as DHT Holdings' Q3 Results Top-Line Outshone Expectations
LONDON, UK / ACCESSWIRE / December 27, 2017 / Active-Investors.com has just released a free earnings report on DHT Holdings, Inc. (NYSE: DHT). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DHT. The Company reported its financial results on November 13, 2017, for the third quarter of the fiscal year 2017. The Hamilton, Bermuda-based Company's adjusted net revenues grew on a year-over-year basis, beating market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Dynagas LNG Partners LP (NYSE: DLNG), which also belongs to the Services sector as the Company DHT Holdings. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, DHT Holdings most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=DHT
Earnings Highlights and Summary
For the three months ended September 30, 2017, DHT Holdings' shipping revenues were $84.37 million, which came in higher than the $64.83 million reported in the prior year's same quarter. The Company attributed the growth in shipping revenues to rises in the fleet, partly offset by lower tanker rates. Voyage expenses increased to $29.59 million during Q3 FY17 from $14.53 million in Q3 FY16, due to more vessels in the spot market in FY17. Meanwhile, the Company's adjusted net revenue grew to $54.78 million during the reported quarter from $50.29 million in Q3 FY17, topping analysts' forecasts of $48.5 million.
The independent oil tanker Company posted a net loss of $5.07 million, or $0.04 loss per diluted share, in Q3 FY17 compared to a net loss of $75.70 million, or $0.81 loss per diluted share, in Q3 FY16. Meanwhile, Wall Street had expected the Company to report a net loss of $0.10 per diluted share.
Operational Metrics
Due to the increase in the number of vessels in Q3 FY17, DHT Holdings' voyage operating expenses increased to $19.54 million from $16.50 million in Q3 FY16. The Company's general and administrative expenses came in at $3.85 million for the reported quarter compared to $4.27 million in Q3 FY16.
During the reported quarter, the Company posted an operating income of $4.91 million versus an operating loss of $68.80 million in the prior year's comparable quarter. Additionally, the Company reported an earnings before interest, tax, depreciation, and amortization (EBITDA) of $31.38 million in Q3 FY17, which came in above the $29.52 million recorded in Q3 FY16.
In Q3 FY17, DHT Holdings had a fleet of 30 VLCCs, 26 in water and 4 under construction scheduled for delivery in 2018, as well as 2 Aframaxes. The total dwt of the fleet was 9,502,995 in the reported quarter. Furthermore, the average age of the VLCC fleet was 7.1 years in Q3 FY17.
Cash Flow and Balance Sheet
DHT Holdings' net cash provided by operating activities was $17.55 million in the three months ended September 30, 2017, compared to a net cash used in operating activities of $59.81 million in the year ago corresponding period. The Company reported a cash and cash equivalents balance of $86.55 million as on September 30, 2017, compared to $109.30 million as on December 31, 2016. Furthermore, the Company had a long-term loan amounting to $762.25 million in its books of accounts as on September 30, 2017, compared to $643.97 million as on December 31, 2016.
Stock Performance Snapshot
December 26, 2017 - At Tuesday's closing bell, DHT Holdings' stock fell 1.37%, ending the trading session at $3.60.
Volume traded for the day: 479.33 thousand shares.
After yesterday's close, DHT Holdings' market cap was at $505.48 million.
Price to Earnings (P/E) ratio was at 11.15.
The stock has a dividend yield of 2.22%.
The stock is part of the Services sector, categorized under the Shipping industry. This sector was flat at the end of the session.
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