On August 7, 2024, Excelerate Energy Inc (EE, Financial) released its 8-K filing for the second quarter ended June 30, 2024. Excelerate Energy Inc is engaged in flexible LNG solutions, providing integrated services along the LNG value chain. The company offers a full range of flexible regasification services from FSRUs to infrastructure development, to LNG and natural gas supply.
Performance Overview
Excelerate Energy Inc (EE, Financial) reported a net income of $33.3 million for Q2 2024, an increase from $28.1 million in Q1 2024 and $29.6 million in Q2 2023. The company also reported an Adjusted EBITDA of $89.0 million, up from $75.4 million in the previous quarter and $88.6 million in the same quarter last year. Despite these gains, the diluted earnings per share (EPS) of $0.26 fell short of the analyst estimate of $0.31.
Revenue and Income
Excelerate Energy Inc (EE, Financial) achieved total revenues of $183.3 million for Q2 2024, surpassing the analyst estimate of $181.00 million. This represents a decrease from $200.1 million in Q1 2024 and a significant drop from $432.4 million in Q2 2023. The decline in revenue year-over-year is primarily attributed to a decrease in gas sales, which fell from $306.9 million in Q2 2023 to $32.3 million in Q2 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 |
|---|---|---|---|
| Revenues | $183.3 million | $200.1 million | $432.4 million |
| Operating Income | $49.9 million | $45.2 million | $53.7 million |
| Net Income | $33.3 million | $28.1 million | $29.6 million |
| Adjusted EBITDA | $89.0 million | $75.4 million | $88.6 million |
| Earnings Per Share (diluted) | $0.26 | $0.24 | $0.23 |
CEO Commentary
“We are pleased to have delivered another quarter of strong financial and operational results. Excelerate’s performance in the second quarter reflects the strength of our core regasification business and the value of our robust and predictable FSRU and Terminal Services contract portfolio. I want to thank our global team for their hard work and commitment to making Excelerate Energy a leading provider of FSRUs and integrated LNG solutions,” said Steven Kobos, President and Chief Executive Officer of Excelerate.
Liquidity and Capital Resources
As of June 30, 2024, Excelerate Energy Inc (EE, Financial) had $609 million in cash and cash equivalents. The company also had $349.9 million of undrawn capacity under its revolver, available for additional borrowings. The Board of Directors approved a quarterly cash dividend of $0.025 per share, payable on September 5, 2024.
2024 Financial Outlook
Excelerate Energy Inc (EE, Financial) has raised its full-year guidance for Adjusted EBITDA, now expecting it to range between $320 million and $340 million. The company maintains its committed growth capital and maintenance capex expectations at $70-$80 million and $50-$60 million, respectively.
Key Commercial Updates
In June 2024, Excelerate signed a term sheet with ITECO Joint Stock Company to co-develop a greenfield LNG import terminal in Haiphong, Vietnam. The Northern Vietnam LNG Terminal is anticipated to have a total import capacity of 1.2 million tonnes per annum, with phase one expected to commence operations in 2027.
For more detailed information, please refer to the 8-K filing.
Explore the complete 8-K earnings release (here) from Excelerate Energy Inc for further details.
