Dynagas LNG Partners Shares Dip After Mixed Q4 Results

Dynagas LNG Partners LP DLNG reported fourth-quarter FY22 voyager revenue was $35.06 million, a decline of 1.72% year-over-year, beating the consensus of $34.41 million.
Adjusted EPS was $0.11, which missed the consensus of $0.22.
Operating income declined 2.9% Y/Y to $16.24 million, and the margin contracted 56 bps to 46.3%.
Adjusted EBITDA was $23.63 million (-4.3% Y/Y), and the margin contracted by 183 bps to 67.4%.
The company reported an average daily hire gross of commissions of ~$62,700 per day per vessel for the quarter, compared to ~$64,500 per day per vessel for 4Q21, on vessels operated at 100% utilization.
DLNG generated net cash from operating activities of $57.32 million for the fiscal, compared to $79.59 million a year ago.
As of Dec. 31, 2022, the company reported total cash of $79.9 million, which includes $31.3 million of restricted cash.
The time charter equivalent (TCE) rate for the quarter was $62.24 million, a decline of 2.2% Y/Y.
DLNGs All six LNG carriers have an average remaining contract term of 6.4 years. As of Mar. 17, 2023, the estimated contracted revenue backlog was $1 billion.
As of Mar. 17, 2023, DLNG had estimated contracted time charter coverage for 100% of its fleet and estimated Available Days for 2023, 2024, and 2025.
Price Action: DLGN shares are trading lower by 1.74% at $2.82 on the last check Friday.

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