Philly Shipyard (PHLY) Q4 2024 earnings summary

Executive summary

• Sale of Philly Shipyard, Inc. to Hanwha closed on 19 December 2024, marking the divestment of PHLY's sole operating asset.

• Board authorized a USD 6.08 per share dividend and initiated dissolution proceedings, pending EGM approval on 19 February 2025.

• PHLY ceased trading post-transaction and has accounted for PSI as discontinued operations.

Financial highlights

• Q4 2024 operating revenue was USD 0 million; EBITDA was negative USD 0.2 million, unchanged from Q4 2023.

• Q4 2024 net income after tax was USD 154.4 million, driven by a USD 233.0 million gain on sale, offset by a USD 78.6 million net loss from discontinued operations.

• Full year 2024 net income after tax was USD 90.6 million, compared to a net loss of USD 67.9 million in 2023.

• Cash and cash equivalents at year-end 2024 were USD 88.0 million, up from USD 79.5 million at year-end 2023.

• Total assets decreased to USD 98.1 million at 31 December 2024 from USD 294.5 million a year earlier, reflecting the sale of PSI.

Outlook and guidance

• Board proposes a USD 6.08 per share dividend and company dissolution, subject to EGM approval on 19 February 2025.

• PHLY's future activities are limited to winding down and distributing proceeds to shareholders.