Safello Group AB Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Q3 2020 Earnings Summary – SFL Corporation

  • Dividend Update: Declared a dividend of $0.15 per share, a reduction from the previous $0.25. This marks SFL’s 67th consecutive quarterly dividend. The dividend reflects an approximate 8% yield based on the prior day’s closing share price. The reduction excludes contributions from offshore drilling rigs due to Seadrill’s financial restructuring uncertainties.
  • Revenue & Earnings:
    • Charter hire revenues: $157 million (flat vs Q2 2020).
    • Adjusted EBITDA: $170 million or $1.08 per share.
    • Net income (GAAP): $60 million or $0.15 per share.
  • Cash Position:
    • Consolidated cash (excluding rig subsidiaries): over $200 million, up from ~$150 million in Q2.
    • Marketable securities: $33 million.
    • Cash impact from recent VLCC sale: $10.7 million.
  • Charter Backlog:
    • Total: $3.2 billion.
    • Shipping assets: $2.4 billion (excluding offshore rigs).
    • Main liner customers include Maersk, MSC, and Evergreen.

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Operator: Thank you for standing by and welcome to the Q3 2020 SFL Corporation Earnings Conference Call. At this time, all participants are in listen-only mode. [Operator Instructions] I must advise you that the conference is being recorded today, Thursday, November 12, 2020. I would now like to hand back to first speaker today to Ole Hjertaker, CEO. Please go ahead sir. Ole Hjertaker: Thank you and welcome all to SFL’s third quarter conference call. I will start the call by briefly going through the highlights of the quarter. And following that our CFO, Aksel Olesen will take us through the financials and the call will be concluded by opening up for questions. Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements. Forward-looking statements are not guarantees of future performance. These statements are based on our current plans and expectations and are inherently subject to risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, but are not limited to conditions in the shipping offshore and credit markets. You should

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