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Mar 31
Navigator Q1 2025 Earnings Report
Preliminary First Quarter 2025 Results (Unaudited)
Key Takeaways
Navigator Gas reported a strong first quarter in 2025, with significant increases in total operating revenues, net income, and earnings per share compared to the same period last year. The company saw improved fleet utilization and average daily time charter equivalent rates, while also completing the acquisition of three vessels and addressing a going concern issue through a new financing facility.
Total operating revenues increased by 12.9% to $151.4 million in Q1 2025 compared to $134.2 million in Q1 2024.
Net income attributable to stockholders rose by 19.8% to $27.0 million in Q1 2025, up from $22.6 million in Q1 2024.
Basic earnings per share increased to $0.39 in Q1 2025 from $0.31 in Q1 2024.
The company acquired three ethylene-capable vessels and secured a new $300 million financing facility, alleviating substantial doubt about its ability to continue as a going concern.
Navigator
Navigator
Navigator Revenue by Segment
Revenue by Segment
Operating revenues Revenue
CapyFin.comUnigas Pool Revenue
CapyFin.com Forward Guidance
Navigator Gas anticipates materially higher throughput at the Ethylene Export Terminal in Q2 2025 due to decreasing U.S. domestic ethylene prices and re-expanding arbitrage opportunities. The company expects to contract additional capacity throughout 2025 and is assessing options to raise additional debt to recoup cash reserves used for the Terminal Expansion Project.
Positive Outlook
- Expect materially higher throughput at the Ethylene Export Terminal in Q2 2025.
- Additional Ethylene Export Terminal capacity is expected to be contracted throughout 2025.
- Resolution of the going concern doubt following the signing of the May 2025 Facility.
- New $50 million share repurchase plan authorized.
- Expect to repurchase approximately $3.3 million of common stock as part of the Return of Capital policy.
Challenges Ahead
- Arbitrage between U.S. and Asia for ethylene remained too narrow for significant flows in Q1 2025.
- Share of result of equity method investments was a loss in Q1 2025 compared to a gain in Q1 2024.
- Volumes exported through the Ethylene Export Terminal were significantly lower in Q1 2025 compared to Q1 2024.
- Anticipate potentially raising additional debt in 2025.
- Ongoing investigation by Indonesian authorities involving a director of the PTNK joint venture.
Revenue & Expenses
Visualization of income flow from segment revenue to net income