Navigator Holdings Ltd. (NYSE:NVGS) Q4 2023 Earnings Conference Call March 14, 2024 10:00 AM ET
Company Participants
Mads Peter Zacho - Chief Executive Officer
Gary Chapman - Chief Financial Officer
Oeyvind Lindeman - Chief Commercial Officer
Randy Giveans - Investor Relations
Conference Call Participants
Omar Nokta - Jefferies
Mads Peter Zacho
Thank you for standing by, ladies and gentleman, and welcome to the Navigator Holdings' conference call for the Fourth Quarter 2023 Financial Results.
On today's call, we have Gary Chapman, Chief Financial Officer; Oeyvind Lindeman, Chief Commercial Officer; and myself, Mads Peter Zacho, CEO.
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's assumptions, forecasts and expectations as of today's date and are such 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, please go ahead to Page #3, and we'll get going on the presentation.
Good morning, everybody, and thanks a lot for taking part in this Navigator Gas earnings call. I'll begin with an overview of the highlights for the fourth quarter of 2023, and then I'll talk a little bit about the outlook for the year that we just started. As always, Gary and Oeyvind will follow up in a couple of minutes with more color on our business.
We generated a solid top-line with growth in operating revenues compared to both Q3 '23 and same period 2022. This was mainly driven by higher time charter rates. Adjusted EBITDA for Q4 was equal to the record of $72 million that we set in Q3, and it was a significant improvement over last year's $55 million. The progress was reflected in adjusted net income, which more than doubled compared to same period last year.
Our cash position remained robust even when we repaid on our credit revolver and invested into our ethylene terminal expansion.
In Q4, we continued paying the cash dividend of $0.05 per share, and we repurchased own shares similar to previous quarters. You'll see this continue as we now also declare a further $0.05 per share in dividends and some additional share buybacks. This will, in total, be equivalent to 25% of our net income following our fourth quarter results.