Navigator Holdings Ltd. (NYSE:NVGS) Q2 2023 Earnings Conference Call August 17, 2023 10:00 AM ET
Company Participants
Randy Giveans - EVP, IR and Business Development
Mads Peter Zacho - CEO
Oeyvind Lindeman - Chief Commercial Officer
Conference Call Participants
Ben Nolan - Stifel
Omar Nokta - Jefferies
Operator
You have joined the meeting as an attendee and will be muted throughout the meeting.
Randy Giveans
Navigator Holdings Conference Call for the Second Quarter 2023 Financial Results. We have with us Mr. Mads Peter Zacho, Chief Executive Officer; Mr. Oeyvind Lindeman, Chief Commercial Officer; and myself, Randy Giveans, Executive Vice President of Investor Relations and Business Development in North America. I must advise you that this conference is being recorded today.
As we conduct today's presentation, we'll be making various forward-looking statements. These statements include, but are not limited to, the future expectations, plans and prospects from both a financial and operational perspective, and are based on management assumptions, forecasts and expectations as of today's date and are subject to material risks and uncertainties.
Actual results may differ significantly from our forward-looking information and financial forecast. Additional information about these factors and assumptions are included in our annual and quarterly reports filed with the Securities and Exchange Commission.
With that, I now pass the floor to Mads Peter Zacho, the company's Chief Executive Officer. Please go ahead, Mads.
Mads Peter Zacho
Good morning, and thank you for dialing in to the Navigator Gas earnings call. I'll start off by providing a brief overview of our Q2 results and then hand over to Oeyvind and Randy for greater details on business drivers and recent events. Our second quarter results came in similar to Q1 and much stronger than Q2 2022, with revenues of $135 million. Adjusted EBITDA, just below $70 million and net income of $27 million. The result was mainly driven by higher charter rates, whereas vessel utilization was below that of Q1.
Our balance sheet is robust with cash of $180 million at the end of the quarter. The initial $50 million share purchase program was completed in Q2 and a further $25 million authorized as part of our new capital return program, opening up for both dividend payments and for further share buybacks. Utilization came in Q2 at 89%, below the 96% seen in Q1, but higher than Q2 2022 of 87%. Terminal throughput ran well above nameplate capacity of 278,000 tonnes.