Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2015
April 09 2015 - 2:20AM
LONDON, April 9,
2015 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the first quarter ended February 28, 2015.
Net profit attributable to shareholders in the first quarter was
$38.7 million, with revenue of $487.7 million, compared with a net
profit of $13.1 million, with revenue of $532.3 million, in the
fourth quarter of 2014.
Highlights for the first quarter
of 2015, compared with the fourth quarter of 2014, were:
-
Stolt Tankers reported
an operating profit of $19.0 million, up from $12.5 million
excluding one-time items in the previous quarter, largely
reflecting the favourable net impact of lower bunker fuel
prices.
-
The Stolt Tankers
Joint Service Sailed-in Time-Charter Index[1] was 0.67,
compared with 0.65 in the prior quarter.
-
Stolthaven Terminals
reported an operating profit of $15.6 million, up from $14.0
million excluding a reversal of a provision of $3.8 million in the
fourth-quarter, related to the termination of a customer contract
at Stolthaven New Zealand.
-
Stolt Tank Containers
reported an operating profit of $16.0 million,
down from $19.5 million, due primarily to the normal seasonal
slowdown impacting utilisation, though margin per shipment held
steady.
-
Stolt Sea Farm
reported an operating loss of $0.3 million, compared with an
operating loss of $0.4 million. The accounting
for inventories at fair value had a negative impact of $1.1 million
in the first quarter, compared with a negative impact of $0.4
million in the fourth quarter.
-
Corporate and Other
reported an operating profit of $21.1 million, which included a gain of $19.8 million, resulting from the
curtailment of a defined benefit pension plan, which, as previously
announced, was frozen on December 31, 2014, and replaced with a
defined contribution plan.
Commenting on the Company's
results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of
Stolt-Nielsen Limited, said:
"The improvement this quarter
derives primarily from lower bunker costs in Stolt Tankers, but
also from initiatives taken to lower overall costs in the group. At
Stolt Tankers, the net impact of lower bunker prices improved
results, though utilisation and freight rates were down. At
Stolthaven Terminals, underlying operating performance improved
this quarter. Utilisation at our terminal in Santos was up.
Operating results at Stolt Tank Containers reflected the impact of
seasonal slowdowns, with a reduced number of shipments and lower
utilisation."
"Looking ahead, we expect to
continue to benefit from lower bunker fuel prices in the second
quarter, but cargo volumes must increase if we are to see any
material improvement in the chemical tanker market. We have yet to
see any sustained increases to date and, unfortunately, there are
no indications of any improvement in the near future."
[1] Effective with the second quarter 2014, the Sailed-in Time
Charter index has been revised. The Stolt Tankers Joint Service
Sailed-in Time-Charter index is an indexed measurement of the
performance of the market in which the Joint Service operates. The
sailed-in rate per operating day is a measure frequently used by
shipping companies, which subtracts from a ship's operating revenue
the variable costs associated with a voyage, primarily commissions,
sublets, transshipments, port costs, and bunker fuel. The previous
index was set at 1.00 in the first quarter 1990, based on the
average sailed-in time-charter result for the fleet at the time.
The new index has been set at 1.00 in the first quarter of 1996. In
addition, the sailed-in time charter result has been adjusted to
exclude the impact of bunker hedge results and changes to the
average ship size in the fleet. Finally, the sailed-in time charter
result has been adjusted for the average inflation rate from 1996
onwards. The inflation rate applied is the Consumer Price Index for
All Urban Consumers (CPI-U): U.S. city average, by expenditure
category and commodity and service group, all items (1982-84=100)
as published by the Bureau of Labor Statistics as part of the
Consumer Price Index Detailed Reports.
SNL 1Q15 Earnings Release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Stolt-Nielsen Limited via Globenewswire
HUG#1909649
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