Stolt-Nielsen (SNI) Q4 2024 earnings summary

Executive summary

• EBITDA exceeded $200 million for the sixth consecutive quarter, reaching $214 million in Q4 2024, capping a strong year with robust liquid logistics and aquaculture performance.

• Continued investments in fleet and terminals, including the acquisition of Avenir LNG shares and expansion at Stolthaven Westport.

• All logistics businesses received EcoVadis Gold sustainability ratings in 2024.

• Interim dividend of $1.25 per share paid in December 2024.

• Maintained robust liquidity and access to credit facilities, supporting ongoing operations and investments.

Financial highlights

• Q4 2024 operating revenue was $709.4 million, up 2% year-over-year; EBITDA at $213.7 million, marginally down from last year.

• Net profit for Q4 was $91.4 million; full-year net profit reached $394.8 million and EBITDA $842.3 million.

• Free cash flow for FY24 was $512.7 million, down 11.6% year-over-year; net debt to EBITDA improved to 2.2.

• Earnings per share for the year were $7.38, compared to $5.54 in the previous year.

• Cash and cash equivalents at year-end were $334.7 million; total liquidity of $753 million as of November 30.

Outlook and guidance

• Moderate global chemical production growth of 1.9% expected in 2025; trade flows and tonne-miles to grow in line.

• Net fleet growth expected at 2% per year for the next 2-3 years; supply side manageable.

• Q1 TCE expected to remain high but lower by 7.5%-10% due to volatility and geopolitical uncertainty.

• Management expects continued robust cash flow from operations in 2025 and 2026, supported by detailed forecasts and stress testing.

• Strategic investments in fleet and terminals to support future earnings.