Exclerate reported net income of $52.1 million and adjusted net income of $55.6 million for the first quarter, up from $28.1 million in the first quarter of 2024 and $46.1 million in the first quarter.
The company’s adjusted Ebitda of $100.4 million for the first quarter rose from $75.4 million in the same quarter last year and $91.6 million in the prior quarter.
According to Excelerate, net income and adjusted Ebitda increased from the prior year first quarter primarily due to the drydocking of the FSRU Summit LNG in the first quarter of 2024 and an increase in direct gas sales margin.
Net income and adjusted Ebitda increased compared to the prior quarter primarily due to the timing of vessel operating and maintenance activities and lower selling, general, and administrative expenses.
Moreover, Excelerate raised its full-year 2025 adjusted Ebitda guidance, which is now expected to range between $345 million and $365 million.
Excelerate declared a quarterly cash dividend of $0.06 per share, or $0.24 per share on an annualized basis.
“Strong” results
“Excelerate delivered another quarter of strong earnings results. Our first quarter performance underscores the effective execution of our strategy and our ongoing efforts in cost management across the organization,” said Steven Kobos, president and CEO of Excelerate.
“Additionally, we are excited about our recently announced acquisition of an integrated LNG and power platform in Jamaica. This strategic transaction is anticipated to expand and diversify our global presence, increase our earnings, and improve our operating cash flow,” he said.
In March, Excelerate entered into a definitive agreement with compatriot LNG player New Fortress Energy to acquire the latter’s business in Jamaica.
The transaction includes the sale of NFE’s LNG import terminal in Montego Bay, offshore floating storage and regasification terminal in Old Harbour, and 150 MW combined heat and power plant in Clarendon, along with the associated infrastructure.
Excelerate operates ten FSRUs, one of the world’s largest fleets of such vessels, and these units are located worldwide.
Some FSRUs are located in Finland, Brazil, Dubai, Pakistan, while one FSRU will soon start serving the second FSRU-based LNG import terminal in Germany’s Wilhelmshaven.
In addition to these 10 FSRUs, Excelerate also ordered one 174,000-cbm FSRU at South Korea’s HD Hyundai Heavy Industries in 2022.
The firm also aims to buy an LNG carrier this year as part of its expansion plans.
