Stolt-Nielsen Limited Reports Unaudited Results For the Third Quarter and First Nine Months of 2017
(Thomson Reuters ONE) -
LONDON, October 9, 2017 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the third quarter ended August 31, 2017. Net profit
attributable to shareholders in the third quarter was $18.5 million, with
revenue of $513.8 million, compared with a net profit of $15.6 million, with
revenue of $500.8 million, in the second quarter of 2017. Net profit
attributable to shareholders for the first nine months was $49.2 million, with
revenue of $1,490.2 million, compared with $90.3 million, with revenue of
$1,416.9 million, in the first nine months of 2016.
Highlights for the third quarter of 2017, compared with the second quarter of
2017, were:
* Hurricane Harvey, which hit the US Gulf Coast in late August, caused no
physical damage to Company property. However, due to closure of the Houston
Ship Channel, operational shutdowns and port delays, the third and the
fourth quarter results have been and will be impacted, but the impact is not
expected to be material.
* Stolt Tankers reported an operating profit of $34.4 million, up from $27.6
million, mainly reflecting the impact of gains related to the Company's
bunker hedging programme.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index slipped to
0.64 from 0.67.
* Stolthaven Terminals reported an operating profit of $16.0 million in the
third quarter, essentially unchanged from the previous quarter.
* Stolt Tank Containers reported an operating profit of $14.8 million, up from
$13.7 million, driven in part by improved margins and higher equity income
from STC's joint venture cleaning and repair depots.
* Stolt Sea Farm's operating profit before the fair value adjustment of
inventories was $0.4 million, compared with an operating profit of $0.7
million in the second quarter. The accounting for inventories at fair value
had a negative impact of $2.9 million in the third quarter, compared with a
positive impact of $1.7 million in the second quarter.
* Corporate and Other reported an operating loss of $6.7 million, compared
with a loss of $8.2 million, mainly reflecting lower restructuring expenses
and implementation costs related to the acquisition of JO Tankers.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of Stolt-Nielsen Limited, said: "While SNL's third-quarter results were
up, the improvement was largely driven by unrealised gains related to the
bunker-hedging programme at Stolt Tankers. Excluding the impact of that
programme, results at Stolt Tankers were down slightly, as market conditions
continued to soften during the quarter. Results at Stolthaven Terminals were
once again largely in line with those of the previous quarter, as we continue to
implement actions aimed at improving that division's sustained long-term
performance. Stolt Tank Containers continued to show evidence of margin
improvement, along with lower empty repositioning costs and improved
contributions from joint-venture depots. Results at Stolt Sea Farm weakened
marginally in the third quarter-excluding the impact of fair value adjustments-
though turbot sales increased, reflecting in part additional volume sold on
consignment."
"As we reported on August 30, Hurricane Harvey caused no material physical
damage to the Company's assets in Houston, and there were no spills or
contamination of products. In fact, we have taken steps in recent years to
improve the hurricane preparedness of our terminal facility and our tank
container depot along the Houston Ship Channel-and those actions proved
effective. That said, our tanker, terminal and tank-container operations all
experienced some losses and additional costs because of the storm, though the
financial impact, which is not expected to be material, will mostly be felt in
the fourth quarter. Hurricane Irma had no impact on our operations."
"On balance, our overall outlook remains unchanged. We do not anticipate any
substantial improvement in the chemical tanker market until the latter part of
2018, when the current orderbook will have been significantly reduced and the
balance between tonnage supply and demand improves. For Stolthaven Terminals, we
continue to expect a modest but steady improvement in results, driven by actions
to enhance operational performance across our network of terminals. At Stolt
Tanker Containers, we expect margins and utilisation to hold steady at current
levels. Consistent with seasonal patterns, Stolt Sea Farms' results are expected
to improve in the fourth quarter, driven in part by strengthening prices ahead
of the holiday sales season."
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
SNL 3Q17 Earnings Release:
http://hugin.info/154/R/2140304/819573.pdf
SNL 3Q17 Interim Accounts:
http://hugin.info/154/R/2140304/819574.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 09.10.2017 - 08:20 Uhr
Sprache: Deutsch
News-ID 562851
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contact information:
Town:
London
Kategorie:
Business News
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