Westshore Terminals Investment (WTE) Q3 2024 earnings summary

Executive summary

• Q3 2024 profit rose to $34.0M from $33.2M in Q3 2023, driven by higher revenues and lower operating/admin costs, offset by higher finance costs.

• Year-to-date profit declined to $83.9M from $94.3M in 2023 due to increased operating/admin and finance costs.

• Coal loading revenue increased 4.1% year-over-year in Q3 2024; average loading rate rose to $13.90/tonne.

• Potash project for BHP progressing, with construction expected to continue into 2026 and handling to commence that year.

Financial highlights

• Q3 2024 revenue: $103.5M (Q3 2023: $100.3M); YTD revenue: $293.9M (2023: $292.3M).

• Q3 2024 profit before tax: $46.6M (Q3 2023: $45.6M); YTD: $115.0M (2023: $129.2M).

• Q3 2024 EPS: $0.55 (Q3 2023: $0.53); YTD EPS: $1.35 (2023: $1.51).

• Q3 2024 dividends declared: $0.375/share; YTD: $1.475/share.

• 744,909 shares repurchased YTD for $17.7M; 2023: 314,784 shares for $7.6M.

Outlook and guidance

• 2024 throughput expected at ~27.5M tonnes, average loading charge ~$13.75/tonne.

• 2025 projected volumes ~26M tonnes, average loading charge ~$13.25/tonne.

• Potash project remains on schedule; handling to start in 2026, with BHP Stage 2 production expected in 2029.