Hoegh LNG Partners Stock Slides After Missing Q2 Estimates

Hoegh LNG Partners LP HMLP reported second-quarter revenue of $34.69 million, a slight increase of 0.8% year-over-year, which missed the consensus of $35.23 million.
Earnings per unit of $(0.04) missed the consensus of $0.38.
The operating income decreased by 13.3% Y/Y to $24.06 million, and the margin contracted by 1,123 bps to 69.3%.
Segment EBITDA was $34.3 million compared to $36.0 million in 2Q20.
The company had cash and cash equivalents of $23.8 million at the end of the quarter. Book value was $417.7 million, and the outstanding principal of total long-term debt was $423.6 million as of June 30, 2021,
Hoegh LNG generated cash from operating activities of $21.07 million during Q2.
On July 27, 2021, the company reduced its quarterly cash distribution on its common units to $0.01 per unit, down from $0.44 per unit paid in Q1.
Price Action: HMLP shares are trading lower by 8.92% at $4.29 on the last check Thursday.