Strong Financial Performance
Net income for the quarter came in at $16.8 million with an EPS of $0.31 per share. Adjusted net income was $23.5 million, or adjusted earnings per share at $0.43. The company achieved an all-time high cash balance of $479 million.
Record Dividend Yield
The Board declared a dividend of $0.75 per share, marking the 17th consecutive quarter of such dividends, with a 12-month trailing dividend of $3 per share, implying a dividend yield of 11%. Total dividends distributed since Q4 2021 amounted to $730 million.
Solid Contract Backlog
Flex LNG has a minimum firm backlog of 53 years, with potential growth to 80 years if all options are declared. 80% of available days are covered next year, providing protection against a softening term market.
Positive Market Outlook
The company expects full-year revenues for 2025 to be around $340 million, with TCE expected at $71,000 to $72,000 per day. The LNG shipping market outlook is bright with increasing volumes and new projects.