Dynagas 2Q Results Upbeat
The financial results of Greece-based Dynagas LNG Partners LP (DLNG) for Q2 beat Wall Street expectations.
The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share. It has profit of 43 cents per share. Earnings, adjusted for amortization costs, came to 48 cents per share.
Dynagas reported for the three and six months ended June 30 earnings of $17 million. It posted revenue of $42.6 million in the period.
Tony Lauritzen, Chief Executive Officer of the Partnership, commented: "We are pleased to report our earnings for the second quarter of 2016. The three month period ended June 30, 2016 has been another strong financial quarter for us. Compared to the corresponding quarter ended June 30, 2015, Adjusted EBITDA increased approximately by 27% this past quarter, mainly due to the acquisition of the Lena River in late December 2015."
He added: "With our fleet fully contracted through 2016 and 88% contracted through 2017, and a fleet wide average remaining contract duration of 10.1 years, we intend to continue to focus on obtaining further contract coverage and managing operating expenses. I look forward to working with our team towards meeting our goals, which we believe will continue to benefit our unitholders."
