Continued strong performance in 2024 year-to-date, as we focus on our ‘Simply the Best’ strategy
Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the third quarter and the nine months ending August 31, 2024. The Company reported a third quarter net profit of $99.2 million with revenue of $732.8 million, compared with a net profit of $90.1 million with revenue of $694.4 million in the third quarter of 2023.
The net profit for the first nine months of 2024 was $303.3 million with revenue of $2,181.3 million, compared with a net profit of $198.2 million, with revenue of $2,125.0 million in the first nine months of 2023. The prior year was negatively impacted by the MSC Flaminia loss provision of $155.0 million.
Highlights for the third quarter of 2024, compared with the third quarter of 2023, were:
- Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $215.2 million, up from $200.3 million.
- Earnings per share in the third quarter was $1.85, up from $1.68.
- Stolt Tankers reported operating profit of $107.1 million, up from $87.3 million.
- The STJS average time-charter equivalent (TCE) revenue for the quarter was $33,355 per operating day, up 17.3% from $28,429.
- Stolthaven Terminals reported operating profit of $27.4 million, up from $26.0 million.
- Stolt Tank Containers reported operating profit of $16.6 million, down from $23.9 million.
- Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $8.7 million, up from $6.1 million.
- Stolt-Nielsen Gas reported an operating loss of $1.6 million, compared to a loss of $3.4 million.
- Corporate and Other reported an operating loss of $13.1 million compared to a loss of $13.4 million.
Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented: “I am pleased with our continued robust performance over the quarter, demonstrating the strong position our businesses enjoy in each of their respective market segments. EBITDA1 was again over $200 million and at near-record levels for the second consecutive quarter. Our liquid logistics operations have benefitted from strong tanker markets driven by firm spot rates due to transit restrictions in the Red Sea.
“Stolt Tankers has seen strong performance supported by firm markets. This has delivered a second consecutive quarter of record-high average time-charter equivalent (TCE) earnings, at $33,355. Events in the Red Sea continue to impact the shipping markets, as longer voyages consume additional capacity, driving freight rates and margins higher, despite a lower total cargo volume.
"Within our Stolthaven Terminals business, the previously communicated optimisation strategy is yielding results, driving up margins, as we continue to work to push utilisation levels up. Space constraints on container liners has limited shipment volumes for Stolt Tank Containers, but has positively impacted margins, albeit at lower levels than the prior year. At Stolt Sea Farm, good production, steady demand, and strong pricing have all contributed to an excellent operating result2 in the third quarter.”
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
1. Before fair value of biological assets, gain (loss) on sales of assets and other one-time, non-cash items
2. Before fair value adjustment of biological assets
Download the related documents
Stolt-Nielsen Limited 3Q24 Earnings Release
