Stolt-Nielsen Limited Reports Improved Unaudited Results For the Second Quarter and First Half of 2015
July 02 2015 - 1:50AM
LONDON, July 2, 2015 -
Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited
results for the second quarter ended May 31, 2015. Net profit
attributable to shareholders in the second quarter was $42.5
million, with revenue of $500.7 million, compared with a net profit
of $38.7 million, with revenue of $487.7 million, in the first
quarter of 2015. Net profit attributable to shareholders for the
first six months was $81.2 million, with revenue of $988.4 million,
compared with $49.4 million, and revenue of $1,060.1 million, in
the first half of 2014.
Highlights for the second quarter
of 2015, compared with the first quarter of 2015, were:
- Stolt Tankers reported an
operating profit of $30.4 million, up from $19.0 million, mainly
reflecting lower bunker fuel prices, an improved spot market and
the favourable impact of the stronger U.S. dollar.
- The Stolt Tankers Joint Service
Sailed-in Time-Charter Index[1] was 0.72,
up from 0.67 in the first quarter.
- Stolthaven Terminals reported an
operating profit of $14.3 million, down from $15.6 million, mainly
reflecting increased maintenance costs at Stolthaven
Houston.
- Stolt Tank Containers
reported an operating profit of $18.6 million,
up from $16.0 million, driven by increased shipments and the
positive impact of the stronger U.S. dollar.
- Stolt Sea Farm reported an
operating profit of $5.2 million, compared with an operating loss
of $0.3 million. Volume sold of turbot and sole increased during
the quarter. The accounting for inventories at
fair value had a positive impact of $4.6 million in the second
quarter, compared with a negative impact of $1.1 million in the
first quarter.
- Corporate and Other reported an
operating profit of $2.8 million, compared with $21.1 million. The
first quarter included a gain of $19.8 million
before tax, resulting from the previously reported curtailment of a
defined benefit pension plan.
Commenting on the Company's
results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of
Stolt-Nielsen Limited, said:
"Stolt-Nielsen Limited's results were up in the
second quarter, driven mainly by improved performance at Stolt
Tankers, which benefited from higher spot-market rates, combined
with lower bunker costs, and the positive impact of a stronger U.S.
dollar. Utilisation and volume, however, remained flat in the
quarter. At Stolthaven Terminals, second-quarter results remained
disappointing and we continue to focus on efforts to improve the
operational efficiency, utilisation and margins in the terminal
division. Stolt Tank Containers reported improved results, but the
seasonal rebound in shipments that we normally see in this quarter
was less than expected. Stolt Sea Farm also had much improved
results, with higher turbot sales during the quarter. Production
from our new sole farm in Iceland is slowly ramping up and looks
promising."
"While Stolt Tankers may continue to see near-term
benefits from the factors driving the recent improvements, the
longer-term outlook remains challenging. We see little evidence of
strengthening volumes in the parcel tanker market, which is
essential if we are to see a sustained turnaround, especially
considering the substantial number of newbuildings scheduled to
enter the chemical tanker market in 2016 and 2017. Similarly,
chemical volumes appear to be slipping in tank container markets
compared with a year ago, but Stolt Tank Containers has thus far
managed to sustain its margins."
[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 2Q15 Interim Financial
Statements
SNL 2Q15 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#1933571
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