Stolt-Nielsen (SNI) Q4 2024 earnings summary

Executive summary

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

• Net profit for FY24 was $394.8 million, up from $296.7 million year-over-year, on operating revenue of $2.89 billion.

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

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

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

Financial highlights

• Q4 2024 operating revenue was $709.4 million, up 2% year-over-year; full-year revenue reached $2.89 billion, up 2.5%.

• Q4 net profit was $91.4 million; full-year net profit $394.8 million; EBITDA for the year $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.

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

• Total dividends paid during the year amounted to $147.3 million.

Outlook and guidance

• Moderate global chemical production growth of 1.9% and tonne-miles growth of ~2% expected in 2025.

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

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

• Significant capital expenditure and investment commitments of $303.8 million planned for 2025.

• Management expects continued robust cash flow from operations in 2025 and 2026.