Executive Summary
Golar LNG Limited reported a modestly growing top line in QQ4 2024 with a substantial EBITDA contribution that underscored ongoing operating efficiency in a steady-but-cyclic LNG shipping environment. Revenue of USD 65.9 million declined modestly versus the prior-year quarter (down 17.3% YoY) but rose slightly QoQ by 1.7%. Gross profit was USD 32.7 million (gross margin 49.6%), enabling EBITDA of USD 44.9 million and a positive operating income of USD 8.3 million. Net income reached USD 3.35 million, with diluted EPS of USD 0.032, signaling a positive quarterly bottom line despite a volatile quarter on a year-over-year basis.
Key cash flow dynamics reflect a capital-intensive phase: cash flow from operations was USD 163.4 million, while capital expenditures were heavy at USD 206.4 million, producing a negative free cash flow of USD 42.99 million for the quarter. The company ended QQ4 2024 with USD 716.6 million in cash and cash equivalents and an aggregate net debt of USD 892.6 million. Interest coverage remained healthy at roughly 10x, but overall leverage remains elevated given the debt base of USD 1.459 billion and sizable annual capex commitments. The quarterly results show a notable earnings swing versus Q3 2024, when the company reported a material year-to-date impairment/expense dynamic that contributed to a net loss; by Q4, earnings recovered to a positive print despite ongoing capital deployment.
From a strategic standpoint, Golar remains exposed to LNG market cycles and fleet utilization dynamics, with value creation contingent on stabilizing charter rates, optimizing utilization, and managing refinancing needs. The balance sheet demonstrates liquidity to support near-term needs, but investors should monitor debt maturity profiles and commodity/market risks that could influence future profitability and cash generation.
Key Performance Indicators
QoQ: 76.12% | YoY:-23.18%
QoQ: 129.42% | YoY:-76.14%
QoQ: 109.63% | YoY:110.20%
QoQ: 109.70% | YoY:110.32%
Key Insights
Revenue: USD 65.917 million; YoY -17.27%, QoQ +1.71%
Gross Profit: USD 32.702 million; YoY -23.18%, QoQ +76.12%; Gross Margin 49.61%
EBITDA: USD 44.899 million; EBITDA Margin 68.11%
Operating Income: USD 8.324 million; Operating Margin 12.63%; YoY -76.14%, QoQ +129.42%
Net Income: USD 3.349 million; Net Margin 5.08%; YoY +110.20%, QoQ +109.63%
EPS (Diluted): USD 0.032; YoY +110.32%, QoQ +109.70%
Weighted Average Shares: 104.535 million (outstanding, diluted 104.534 million)
Cash Flow & Bala...
Financial Highlights
Revenue: USD 65.917 million; YoY -17.27%, QoQ +1.71%
Gross Profit: USD 32.702 million; YoY -23.18%, QoQ +76.12%; Gross Margin 49.61%
EBITDA: USD 44.899 million; EBITDA Margin 68.11%
Operating Income: USD 8.324 million; Operating Margin 12.63%; YoY -76.14%, QoQ +129.42%
Net Income: USD 3.349 million; Net Margin 5.08%; YoY +110.20%, QoQ +109.63%
EPS (Diluted): USD 0.032; YoY +110.32%, QoQ +109.70%
Weighted Average Shares: 104.535 million (outstanding, diluted 104.534 million)
Cash Flow & Balance Sheet:
Net Cash Provided by Operating Activities: USD 163.433 million
Capital Expenditures: USD -206.419 million
Free Cash Flow: USD -42.986 million
Net Change in Cash: USD -107.505 million
Cash at End of Period: USD 716.582 million; Cash at Beginning: USD 824.087 million
Total Assets: USD 4.367 billion; Total Liabilities: USD 1.999 billion; Total Equity: USD 2.014 billion
Total Debt: USD 1.459 billion; Net Debt: USD 892.582 million
Key Liquidity Ratios (end of QQ4 2024): Current Ratio 0.879; Quick Ratio 0.877; Cash Ratio 0.763
Leverage & Coverage: Interest Coverage 10.02x; Debt to Asset 0.334x; Debt to Equity 0.724x; Long-Term Debt to Capitalization 0.316x; Total Debt to Capitalization 0.420x
Operating & Efficiency: Receivables Turnover 1.225x; Payables Turnover 0.211x; Inventory Turnover 20.22x; Asset Turnover 0.0151x; Cash Conversion Cycle (CCC) negative -348.33 days
Valuation Proxies (end of QQ4 2024): P/E 328.49x; EV/EBITDA 155.55x; Price/Book 2.18x; Dividend Yield 0.79%; Price/Sales 66.76x
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
65.92M |
-17.27% |
1.71% |
| Gross Profit |
32.70M |
-23.18% |
76.12% |
| Operating Income |
8.32M |
-76.14% |
129.42% |
| Net Income |
3.35M |
110.20% |
109.63% |
| EPS |
0.03 |
110.32% |
109.70% |
Key Financial Ratios
operatingProfitMargin
17.5%
operatingCashFlowPerShare
$1.51
freeCashFlowPerShare
$-0.39
dividendPayoutRatio
1041%
priceEarningsRatio
328.49
Management Commentary
Note: The earnings transcript was not provided in the data set. Consequently, management quotes and verbatim insights could not be extracted. If a transcript becomes available, a themes-based synthesis will be added (Strategy, Operations, Market Conditions) with direct quotes and context for each point.
Forward Guidance
No formal forward guidance was disclosed for QQ4 2024. Given the capex cadence (USD 206.4 million in the quarter) and the elevated leverage level, investors should monitor: (1) charter rate trajectories and fleet utilization across LNG carriers, FLNGs, and FSRUs; (2) refinancing and debt maturity schedules to assess liquidity risk; (3) progress on capacity optimization, potential asset monetization opportunities, and any rationalization of the fleet; (4) ongoing cash flow generation from operations to fund capex and service debt. The key risk remains volatility in LNG shipping rates and demand cycles, while the key upside would come from stronger charter rates, higher utilization, and potential debt refinancing at favorable terms.