Navigator Holdings sees profit rise in Q4

Navigator Gas announced preliminary Fourth Quarter and Financial Year 2024 Results.

Fourth Quarter Financial Highlights

• On March 12, 2025, the Board of Navigator Holdings Ltd. declared a cash dividend of $0.05 per share for the quarter ended December 31, 2024, under the Company’s Return of Capital policy, payable on April 3, 2025 to all shareholders of record as of the close of business U.S. Eastern Time on March 23, 2025.
• Also as part of the Company’s Return of Capital policy for the quarter ended December 31, 2024, the Company expects to repurchase approximately $1.9 million of its common stock between March 16, 2025, and March 31, 2025, subject to operating needs, market conditions, legal requirements, stock price and other circumstances, such that the Dividend and share repurchases together equal 25% of net income for the quarter ended December 31, 2024.
• On December 17, 2024 the Company paid a dividend of $0.05 per share of the Company’s common stock to all shareholders of record as of the close of business U.S. Eastern Time on November 25, 2024, totaling $3.5 million, and repurchased 69,166 shares of common stock in the open market between November 11, 2024, and December 31, 2024, at an average price of $15.88 per share, totaling approximately $1.1 million, all as part of the Company’s Return of Capital policy for the quarter ended September 30, 2024.
• The Company reported total operating revenue of $144.0 million for the three months ended December 31, 2024, compared to $141.6 million for the three months ended December 31, 2023.
• Net Income attributable to stockholders of the Company was $21.6 million for the three months ended December 31, 2024, compared to $17.8 million for the three months ended December 31, 2023.
• EBITDA¹ was $68.0 million for the three months ended December 31, 2024, compared to $66.6 million for the three months ended December 31, 2023.
• Adjusted EBITDA¹ was $73.4 million for the three months ended December 31, 2024, compared to $71.7 million for the three months ended December 31, 2023.
• Basic earnings per share attributable to stockholders of the Company was $0.31 for the three months ended December 31, 2024, compared to $0.24 per share for the three months ended December 31, 2023.
• Adjusted basic earnings per share attributable to stockholders of the Company¹ was $0.39 per share for the three months ended December 31, 2024, compared to $0.31 per share for the three months ended December 31, 2023.
• The Company increased its debt by $51.9 million to $853.5 million during the three months ended December 31, 2024 as the Company borrowed an aggregate of $68.5 million under its revolving credit facilities and closed the refinancing of its new $147.8 million facility, offset by the repayment with respect to OCY Aurora of $43 million and quarterly repayments on loan facilities of $35.4 million. This compares to a reduction in debt of $24.1 million to $801.6 million during the three months ended September 30, 2024.
• Following a payment of $50.0 million on December 21, 2024 in relation to the Terminal Expansion Project (as defined below) the Company’s cash, cash equivalents, and restricted cash was $139.8 million as of December 31, 2024, compared to $127.7 million as at September 30, 2024.

The Company’s financial information for the quarter and year ended December 31, 2024, included in this report on Form 6-K is preliminary and unaudited and is subject to change in connection with the completion of the Company’s year-end close procedures and further financial review, including the audit currently underway by the Company’s independent registered public accounting firm. Actual audited results may differ as a result of the completion of the Company’s year-end closing procedures, review adjustments, and other developments that may arise between now and the time such financial information for the year ended December 31, 2024, is finalized.

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