Research Desk Line-up: Golar LNG Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Golden Ocean Group Ltd (NASDAQ: GOGL) ("Golden Ocean"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=GOGL, following the Company's disclosure of its financial results on August 17, 2017, for the second quarter of the fiscal year 2017. The Company's total operating revenue increased 82.9% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Shipping industry. Pro-TD has currently selected Golar LNG Limited (NASDAQ: GLNG) for due-diligence and potential coverage as the Company reported on August 30, 2017, its interim financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Golar LNG when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on GOGL; also brushing on GLNG. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=GOGL

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Earnings Reviewed

For the three months ended June 30, 2017, Golden Ocean's total operating revenue increased 82.9% to $99.68 million from $54.50 million in Q2 FY16. During Q2 FY17, the Company's Time Charter segment's revenue increased 133.2% to $50.10 million from $21.48 million in Q2 FY16. For the reported quarter, the Company's Voyage Charter segment's revenue increased 69.6% to $49.55 million from $29.22 million in Q2 FY16.

During Q2 FY17, the Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $29.74 million compared to negative adjusted EBITDA of $776,000 in Q2 FY16.

For the reported quarter, Golden Ocean's administrative expenses increased 34.9% to $3.52 million from $2.61 million in Q2 FY16. During Q2 FY17, the Company's depreciation expenses increased 14.9% to $19.24 million from $16.75 million in Q2 FY16. During Q2 FY17, Golden Ocean's total operating expenses increased 22.4% to $95.95 million from $78.40 million in Q2 FY16.

During Q2 FY17, Golden Ocean's operating income was $4.94 million compared to operating loss of $22.77 million in Q2 FY16. For the reported quarter, the Company's interest expenses increased 13.1% to $14.39 million from $12.72 million, due to assumed debt related to newly acquired vessels.

During Q2 FY17, Golden Ocean's net loss was $11.96 million compared to net loss of $39.22 million in Q2 FY16. During Q2 FY17, Golden Ocean's diluted earnings per share (EPS) was negative $0.10 compared to negative $0.37 in Q2 FY16. The diluted EPS surpassed analysts' expectations of negative $0.13.

During Q2 FY17, Golden Ocean completed the acquisition of 16 dry bulk vessels in ship-for-share transactions in exchange for 17.8 million shares and $285.2 million in assumed debt. The Company noted that 13 vessels were delivered in Q2 2017, and the remaining three in July 2017. For the reported quarter, the Company's TCE per day was $12.24 million compared to $11.30 million in Q2 FY16.

Balance Sheet

As on June 30, 2017, Golden Ocean's cash and cash equivalents decreased 42.4% to $122.70 million from $212.94 million in Q4 FY16.

During Q2 FY17, the Company's net long-term debt increased 21.7% to $1.29 billion from $1.06 billion in Q4 FY16.

During Q2 FY17, the Company's cash provided operating activities was positive $6.08 million compared to negative $14.88 million in Q4 FY16.

Stock Performance

At the closing bell, on Thursday, September 07, 2017, Golden Ocean's stock was marginally up 0.21%, ending the trading session at $9.51. A total volume of 153.34 thousand shares have exchanged hands. The Company's stock price skyrocketed 67.14% in the last three months, 45.41% in the past six months, and 125.36% in the previous twelve months. Moreover, the stock soared 101.91% since the start of the year. The stock currently has a market cap of $1.25 billion.

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SOURCE: Pro-Trader Daily