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LONDON -Navigator Holdings Ltd. (NYSE: NVGS) reported better-than-expected first quarter results on Wednesday, as the liquefied gas carrier operator benefited from strong demand and higher charter rates.
The company’s shares were up 0.15% in premarket trading following the release.
The company posted adjusted earnings per share of $0.38, exceeding analyst estimates of $0.34. Revenue came in at $144.03 million, surpassing the consensus forecast of $131.72 million.
Navigator (ELI:NVGR)’s total operating revenue increased 1.7% year-over-year to $144.03 million in Q1. The company said average daily time charter equivalent rates rose to $28,341 per vessel per day, up from $28,428 in the same period last year.
"We saw robust utilization across our fleet at 92.2% for the quarter, compared to 91.3% a year ago," said CEO Dag von Appen. "Strong ethane demand from China helped boost shipping conditions and offset some softness in ethylene trading."
The company declared a quarterly cash dividend of $0.05 per share, payable on April 3 to shareholders of record as of March 23. Navigator also plans to repurchase approximately $1.9 million of its common stock by March 31 as part of its capital return policy.
The stock has gained about 5% year-to-date.
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