Golar LNG Limited GLNG reported mixed first-quarter 2023 results, wherein earnings missed the Zacks Consensus Estimate but revenues beat.
GLNG’s first-quarter 2023 earnings of 80 cents per share missed the Zacks Consensus Estimate of $1.19. The earnings miss failed to impress investors and the stock has plunged 16.7% following the release of first-quarter results on May 30.
Adjusted revenues of $74 million beat the Zacks Consensus Estimate of $73 million. The top line inched up by 1% year over year.
Revenues in the Floating Liquefied Natural Gas (FLNG) segment dropped 11% year over year. FLNG Hilli Episeyo maintained its 100% uptime in the quarter under review.
Golar LNG Limited Price, Consensus and EPS Surprise
Golar LNG Limited price-consensus-eps-surprise-chart | Golar LNG Limited Quote
The FLNG unit contributed 76% to GLNG’s top line. The balance came from corporate and other sources. Adjusted EBITDA rose 4.4% year over year to $97.6 million in the quarter.
GLNG’s share of contractual debt at the end of the reported quarter decreased 34% to $1.2 billion. Golar LNG’s net loss was $101.9 million.
Golar LNG, currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s JBHT first-quarter 2023 earnings of $1.89 per share missed the Zacks Consensus Estimate of $2.04 and declined 17.5% year over year.
JBHT’s total operating revenues of $3,229.58 million also lagged the Zacks Consensus Estimate of $3,434.4 million and fell 7.4% year over year. The downfall was due to declines in the volume of 25% in Integrated Capacity Solutions (ICS), 5% in Intermodal (JBI) and 17% in Final Mile Services (FMS), and a 17% decrease in revenue per load in Truckload (JBT).Revenue declines in ICS, JBI, FMS and JBT were partially offset by Dedicated Contract Services revenue growth of 13%. JBHT’s total operating revenues, excluding fuel surcharges, decreased 10.2% year over year.
Delta Air Lines’ DAL first-quarter 2023 earnings (excluding 82 cents from non-recurring items) of 25 cents per share missed the Zacks Consensus Estimate of 29 cents. Volatile fuel prices and unfavorable weather conditions led to this downtick. DAL reported a loss of $1.23 per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $12,759 million, which missed the Zacks Consensus Estimate of $12,767.4 million. Driven by higher air-travel demand, total revenues increased 36.49% on a year-over-year basis.
Alaska Air Group, Inc. ALK reported first-quarter 2023 loss of 62 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. In the year-ago quarter, ALK incurred a loss of $1.33.
ALK’s operating revenues of $2,196 million missed the Zacks Consensus Estimate of $2,202.5 million. However, the top line improved 31% year over year. Passenger revenues contributed 90.3% to the top line and increased 31% owing to continued recovery in air-travel demand.
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