Navigator Gas announces preliminary first quarter 2025 results.
- The Board of Navigator Holdings declared a cash dividend of $0.05 per share of the Company’s common stock for the quarter ended March 31, 2025, under the Company’s Return of Capital policy, payable on June 17, 2025, to all shareholders of record as of the close of business U.S. Eastern Time on May 29, 2025.
- Also as part of the Company’s Return of Capital policy for the quarter ended March 31, 2025, the Company expects to repurchase approximately $3.3 million of its common stock between May 19, 2025, and June 30, 2025, subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the “share repurchases”), such that the Dividend and share repurchases together equal 25% of net income for the quarter ended March 31, 2025.
- On April 3, 2025 the Company paid a dividend of $0.05 per share of the Company’s common stock to all shareholders of record as of the close of business U.S. Eastern Time on March 24, 2025, totaling $3.5 million, and repurchased 136,295 shares of common stock in the open market between March 17, 2025, and March 31, 2025, at an average price of $14.17 per share, totaling approximately $1.9 million, all as part of the Company’s Return of Capital policy for the quarter ended December 31, 2024.
- On May 13, 2025, the Board authorized a new share repurchase plan enabling the Company to repurchase up to an aggregate of $50 million of the Company’s common stock.
- The Company reported total operating revenues of $151.4 million for the three months ended March 31, 2025, compared to $134.2 million for the three months ended March 31, 2024.
- Net income attributable to stockholders of the Company was $27.0 million for the three months ended March 31, 2025, compared to $22.6 million for the three months ended March 31, 2024.
- EBITDA1 was $74.3 million for the three months ended March 31, 2025, compared to $72.8 million for the three months ended March 31, 2024.
- Adjusted EBITDA1 was $72.8 million for the three months ended March 31, 2025, compared to $74.1 million for the three months ended March 31, 2024.
- Basic earnings per share attributable to stockholders of the Company was $0.39 for the three months ended March 31, 2025, compared to $0.31 per share for the three months ended March 31, 2024.
- Adjusted basic earnings per share attributable to stockholders of the Company1 was $0.37 per share for the three months ended March 31, 2025, compared to $0.33 per share for the three months ended March 31, 2024.
- During March 2025, the Company received $4.8 million in other income from a third party relating to a claim and damages caused to Navigator Aries in 2016. The amount received is the final settlement and no further amounts in relation to this matter are anticipated.
- The Company increased its debt by $48.6 million to $902.1 million during the three months ended March 31, 2025 as the Company borrowed an aggregate of $76.8 million under its February 2025 Facility (as defined below), which borrowings were offset by quarterly repayments on loan facilities of $28.2 million. This increase is compares to an increase in debt of $51.9 million to $853.5 million during the three months ended December 31, 2024 as the Company borrowed an aggregate of $68.5 million under its revolving credit facilities and closed the refinancing of a $147.8 million facility, which borrowings were offset by the repayment with respect to OCY Aurora of $43 million and quarterly repayments on loan facilities of $35.4 million.
- The Company’s cash, cash equivalents, and restricted cash was $139.0 million as of March 31, 2025, compared to $139.8 million as at December 31, 2024.