Navigator Holdings Ltd. (NYSE:NVGS) Q3 2023 Earnings Conference Call November 14, 2023 10:00 AM ET

Company Participants

Randy Giveans - EVP, IR and Business Development

Mads Peter Zacho - CEO

Gary Chapman - CFO

Oeyvind Lindeman - Chief Commercial Officer

Conference Call Participants

Climent Molins - Investors Edge

Randy Giveans

Welcome to the Navigator Holdings Conference Call for the Third Quarter 2023 Financial Results, live from Houston Texas. We have with us Mr. Mads Peter Zacho, Chief Executive Officer; Mr. Gary Chapman, Chief Financial 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.

And 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 as such are subject to material risks and uncertainties. Actual results may differ significantly from our forward-looking information and financial forecast.

With that, I now pass the floor to Mads Peter Zacho, the Company's Chief Executive Officer. Please go ahead, Mads.

Mads Peter Zacho

Thank you so much, Randy, and good morning, and thank you for dialing in to the Navigator Gas earnings call. First of all, I'd like to tell you how excited I am about introducing you to Gary Chapman, our new CFO, who joined Navigator just over a month ago. Gary’s long experience as a leader as well as a shipping and finance professionals has ensured that he has hit the ground running, and he is now already a value co-part of the Navigator Leadership team. You'll soon see and hear more from him, as Gary will review the financial results with you in a couple of minutes.

I will now kick us off by reviewing the highlights of the third quarter, and what a quarter it was. We generated operating revenues of $138 million in Q3 2023. This is up a strong 29% compared to the same period last year. Adjusted EBITDA hit a new record $72 million for Q3, advanced improvement over last year's $42 million and higher than the results for the same quarter -- or the recent quarters this year. You may recall that Q3 is seasonally our weakest quarter, so we are pretty excited about this result for Q3.