Q2 2023 FLEX LNG Ltd Earnings Call Key Takeaways Transcript
Hi, everyone. I'm Oystein Kalleklev, CEO of Flex LNG. And today, we are presenting our second quarter results. So let's review the highlights. Revenues came in at $86.7 million, in line with our guidance of $85 million to $90 million. This resulted in strong earnings, net income of $39 million or $0.73 per share. In the adjusted numbers, we only include the realized gains on derivatives. So our adjusted net income came in at $28.2 million or $0.53 per share. During the quarter, we took three ships out of service for the scheduled drydocking, and we completed all of them during second quarter according to time and budget. This means we have carried out the full drydocking schedule for the year with four ships being dry-docked in the first half of the year. And of course, this drydocking of three ships in the second quarter is the main reason why revenues are lower in the second quarter than first quarter.
However, with all the drydockings done for the year, we expect revenues to pick up in line with the guidance we provided in February.
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