Golar LNG GLNG is scheduled to report second-quarter 2024 results on Aug 15 before market open.
The Zacks Consensus Estimate for the to-be-reported quarter’s earnings and revenues is pegged at 44 cents per share and $67.4 million, respectively.
The earnings estimate for the to-be-reported quarter has remained stable in the past 60 days. The bottom-line projection indicates a year-over-year decline of 29%. The Zacks Consensus Estimate for quarterly revenues suggests a year-over-year decrease of 12.8%.
GLNG has outshined the Zacks Consensus Estimate for earnings in each of the last four quarters. The average beat is 28.5%.
Golar LNG Limited Price and EPS Surprise
Golar LNG Limited price-eps-surprise | Golar LNG Limited Quote
Against this backdrop, let’s take a look at the factors that might have shaped the company’s June-quarter performance.
We expect upbeat demand for liquefied natural gas (LNG) to have aided Golar LNG’s performance in the to-be-reported quarter. Moreover, amid the prolonged Russia-Ukraine war, Europe is likely to seek gas supplies outside Russia. This is expected to have driven demand for LNG vessels.
Golar LNG is the sole provider of floating LNG or liquefied natural gas as a service. GLNG ranks first in terms of FLNG capacity. The FLNG market is growing attributed to its economic viability and expected to display significant capacity growth. The buoyancy surrounding the FLNG market is likely to have boosted results.
On the flip side, GLNG’s performance is expected to have been affected by supply-chain disruptions. Higher operating expenses due to the increased average number of vessels in its fleet are likely to have hurt the bottom line.
High fuel costs might have affected the bottom-line performance in the quarter under review. Even though fuel price has come down from the highs witnessed earlier, it still remains at an elevated level.
What Does the Zacks Model Say?
The proven Zacks model does not predict an earnings beat for GLNG this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here.
Earnings ESP: Golar LNG has an Earnings ESP of 0.00% as the Most Accurate Estimate of 50 cents is in-line with the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Golar LNG currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are a few stocks from the broader Zacks Transportation sector that investors might want to consider, as our model shows that these have the right combination of elements to beat second-quarter 2024 earnings.
ZIM Integrated Shipping Services ZIM has an Earnings ESP of +73.05% and a Zacks Rank #2 at present. The company is scheduled to report second-quarter 2024 earnings on Aug 19.
ZIM has a discouraging earnings surprise history, having surpassed the Zacks Consensus Estimate only once in the preceding four quarters and missing thrice. The average miss is 26.9%.
Despegar. com DESP currently has an Earnings ESP of +88.89% and a Zacks Rank #3. The company is scheduled to report second-quarter 2024 earnings on Aug 15.
The Zacks Consensus Estimate for DESP’s second-quarter earnings is currently pegged at 9 cents per share, reflecting year-over-year growth of 28.6%. The Zacks Consensus Estimate for DESP’s second-quarter revenues is currently pegged at $184.4 million, implying year-over-year growth of 11.4%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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See Stocks Now >>Golar LNG Limited (GLNG) : Free Stock Analysis Report
Despegar.com Corp. (DESP) : Free Stock Analysis Report
ZIM Integrated Shipping Services Ltd. (ZIM) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
