New York City, NY – Cool Company Ltd., a publicly traded company, hosted its quarterly earnings conference call on November 21, 2024. The call, which commenced at 8:30 AM ET, featured key executives discussing the company’s performance in the third quarter of 2024.
During the call, Richard Tyrrell, the CEO of Cool Company Ltd., highlighted significant decisions made by the company regarding dividends, buybacks, and refinancing strategies. These decisions were aimed at positioning the company to take advantage of market opportunities from a position of strength. The call also touched on the company’s financial results for the quarter, showcasing a strong performance driven by a robust contracted fleet and efficient drydocking operations.
Revenue for the third quarter reached $82.4 million, with an adjusted EBITDA of $53.7 million. Despite facing challenges such as an unrealized $15.5 million negative mark on interest rate swaps, the company reported a net income of $8.1 million. The company’s $1.7 billion backlog at the end of the period provides a solid foundation for future growth and performance.
In addition to discussing financial results, the call provided insights into current market drivers and how Cool Company Ltd. anticipates these developments to unfold in the coming months. By focusing on strategic decisions and operational efficiencies, the company aims to capitalize on emerging opportunities and drive sustainable growth.
Analysts and participants on the call, such as Frode Morkedal, Alexander Bidwell, Liam Burke, and Peter Hagen, engaged in a question-and-answer session following the executives’ remarks. This interactive session allowed for further clarity on the company’s performance and strategic direction, signaling transparency and open communication with stakeholders.
Looking ahead, Cool Company Ltd. remains committed to navigating market challenges, leveraging its strengths, and delivering value to investors. The company’s proactive approach to financial management and operational excellence positions it well for future success in a dynamic business environment.
