Navigator Holdings Ltd. (NYSE:NVGS) Q3 2024 Earnings Conference Call November 7, 2024 10:00 AM ET
Company Participants
Randy Giveans - EVP, IR & Business Development
Mads Peter Zacho - CEO
Gary Chapman - CFO
Oeyvind Lindeman - CCO
Conference Call Participants
Omar Nokta - Jefferies
Climent Molins - Value Investor's Edge
Randy Giveans
All right. Thank you for standing by, ladies and gentlemen, and welcome to the Navigator Holdings Conference Call for the Third Quarter 2024 Financial Results.
On today's call, we have Mads Peter Zacho, Chief Executive Officer; Gary Chapman, Chief Financial Officer; 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 call is being recorded today.
As we conduct today's presentation, we will be making various forward-looking statements. These statements include, but aren't limited to, 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, November 7, 2024, and are subject to material risk 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 Zacho, the company's CEO. Please go ahead, Mads.
Mads Peter Zacho
Good morning, and thank you for joining this Navigator Gas Earnings Call for Q3 2024. Please turn to Page 3. To begin with, I will review the key data of our Q3 2024 performance, and then I'll go over the outlook for the rest of the year. Gary, Oeyvind and Randy will then bring more detail and analysis.
In the quarter, we generated more revenues, up 3% compared to the same period. This was driven by a higher TCE rate. Adjusted EBITDA for Q3 came in at $68 million, slightly below the $72 million earned in the unseasonally strong Q3 of last year. The balance sheet is strong with a robust cash position even after we repaid on our debt facilities and continued deploying capital into our Ethylene Terminal expansion.
The return of capital continued in Q3 with both the $0.05 fixed dividend and the share buyback up to and in combination 25% of net income. This will continue after the Q3 result. In October, we issued $100 million of new unsecured bonds at 7.25%. This included the tightest spread of any dollar-denominated shipping bond issue in the Nordic market since 2008.