Stolt-Nielsen Limited Reports Unaudited Results For the Third Quarter and Nine Months of 2024
Continued strong performance in 2024 year-to-date, as we focus on our ‘Simply the Best’ strategy
LONDON, October 02, 2024 – Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the third quarter and the nine months ending August 31, 2024. The Company reported a third-quarter net profit of $99.2 million with revenue of $732.8 million, compared with a net profit of $90.1 million with revenue of $694.4 million in the third quarter of 2023. The net profit for the first nine months of 2024 was $303.3 million with revenue of $2,181.3 million, compared with a net profit of $198.2 million, with revenue of $2,125.0 million in the first nine months of 2023. The prior year was negatively impacted by the MSC Flaminia loss provision of $155.0 million.
Highlights for the third quarter of 2024, compared with the third quarter of 2023, were:
- Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $215.2 million, up from $200.3 million.
- Earnings per share in the third quarter was $1.85, up from $1.68.
- Stolt Tankers reported operating profit of $107.1 million, up from $87.3 million.
- The STJS average time-charter equivalent (TCE) revenue for the quarter was $33,355 per operating day, up 17.3% from $28,429.
- Stolthaven Terminals reported operating profit of $27.4 million, up from $26.0 million.
- Stolt Tank Containers reported operating profit of $16.6 million, down from $23.9 million.
- Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $8.7 million, up from $6.1 million.
- Stolt-Nielsen Gas reported an operating loss of $1.6 million, compared to a loss of $3.4 million.
- Corporate and Other reported an operating loss of $13.1 million compared to a loss of $13.4 million.
Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented:
“I am pleased with our continued robust performance over the quarter, demonstrating the strong position our businesses enjoy in each of their respective market segments. EBITDA1 was again over $200 million and at near-record levels for the second consecutive quarter. Our liquid logistics operations have benefitted from strong tanker markets driven by firm spot rates due to transit restrictions in the Red Sea.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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