Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2016
31 January 2017 - 4:42AM
LONDON, January
30, 2017 - Stolt-Nielsen Limited (Oslo Børs: SNI) today
reported unaudited results for the fourth quarter ended November
30, 2016. Net profit attributable to shareholders in the fourth
quarter was $22.8 million, with revenue of $463.0 million, compared
with a net profit of $22.2 million, with revenue of $474.1 million,
in the third quarter of 2016. Net profit attributable to
shareholders for 2016 was $113.1 million, with revenue of $1,879.9
million, compared with a net profit of $132.7 million, and revenue
of $1,983.7 million in 2015.
Highlights for the fourth quarter
of 2016, compared with the third quarter of 2016, were:
-
Stolt Tankers reported
an operating profit of $30.4 million, down from $31.4 million, as
the chemical tanker market remained soft.
-
The Stolt Tankers
Joint Service Sailed-in Time-Charter Index decreased to 0.72 from
0.76.
-
Stolthaven Terminals
reported an operating profit of $14.0 million, down from $14.8
million.
-
Stolt Tank
Containers' operating profit climbed to $15.1
million, up from $10.7 million, reflecting a combination of higher
profit margins due to lower ocean freight and repositioning costs,
and lower administrative & general expenses.
-
Stolt Sea Farm's
operating profit before the fair value adjustment of inventories
was $2.1 million, up from $1.9 million, as average prices for
turbot and sole continued to show modest improvement in the
quarter. The fair value adjustment had a
positive impact of $0.6 million, unchanged from the previous
quarter.
-
Corporate and Other
reported an operating loss of $10.0 million, compared with a loss
of $6.7 million, due in part to a $2.7 million impairment for
doubtful accounts receivable at Stolt Bitumen Services and costs of
$2.2 million related to the acquisition of Jo Tankers.
Commenting on the Company's
results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of
Stolt-Nielsen Limited, said: "Stolt-Nielsen's fourth-quarter
results were essentially in line with our expectations. At Stolt
Tankers, the softness we observed in the prior period continued
into the fourth quarter. Stolthaven's results were essentially flat
this quarter, though utilisation continued to edge upward,
reflecting continued progress toward our goal of sustainable
improvements in operational performance. At Stolt Tanker
Containers, while total shipments were seasonally down,
improvements in transportation margin per shipment suggest that
price competition may be easing. At Stolt Sea Farm, while volumes
of turbot sold were seasonally down, both turbot and sole prices
continued to trend upward."
"Our outlook for 2017 remains
largely unchanged from our previous guidance. In the markets served
by Stolt Tankers, there is still an oversupply of tonnage, and with
significant newbuilding deliveries in 2017, combined with a weak
product tanker market, we believe the year will be challenging.
However, with our COA portfolio and continued focus on cost
reductions, we expect Stolt Tankers to remain profitable in the
year ahead. At Stolthaven, our efforts to improve the operational
performance of this business are starting to pay off, and we expect
that trend to continue this year. For Stolt Tank Containers, which
faced intense price competition in 2016, we see signs of a
bottoming out of the margin deterioration, as profitability can be
sacrificed by some operators for only so long in an effort to gain
market share. At Stolt Sea Farm, we expect the strong prices for
turbot and sole to continue."
This
information is subject of the disclosure requirements acc. to §5-12
vphl (Norwegian Securities Trading Act)
SNL 4Q16 Earnings Press Release
SNL 4Q16 Interim Financial Statements
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information contained therein.
Source: Stolt-Nielsen Limited via Globenewswire