{"id":44491,"date":"2023-08-04T12:32:18","date_gmt":"2023-08-04T16:32:18","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/cheniere-tops-earnings-estimates-raises-full-year-profit-view\/"},"modified":"2023-08-04T12:32:20","modified_gmt":"2023-08-04T16:32:20","slug":"cheniere-tops-earnings-estimates-raises-full-year-profit-view","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44491","title":{"rendered":"Cheniere tops earnings estimates, raises full year profit view"},"content":{"rendered":"
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\u00a9 Reuters. The logo of Houston-based liquefied natural gas company Cheniere seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS\/Chris Helgren\/File photo<\/span>
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HOUSTON (Reuters) -Top U.S. liquefied exporter Cheniere Energy (NYSE:) Inc reported second-quarter earnings that topped Wall Street forecasts, and raised its full-year profit outlook. <\/p>\n

The better-than-expected results, despite lower LNG prices and weaker LNG shipments, sent its share price up 2.8% in mid-day trading to $163.54. Results included a $782 million gain in the value of its derivatives portfolio compared with a loss in the same period last year. <\/p>\n

Its LNG volumes dropped to 547 trillion British thermal units (Btu) in the quarter ended June 30, compared with 570 trillion Btu a year-ago. Volumes fell in part on maintenance outages. <\/p>\n

President Jack Fusco said construction of its Corpus Christi, Texas, Stage 3 expansion project is 38% complete and running ahead of schedule for a late 2025 startup. Cost inflation on that and its Corpus Christi midscale project is running around 10%, he said.<\/p>\n

Cheniere will fund future expansion itself and is not interested in taking on new equity partners, Fucso said.<\/p>\n

“We don’t see a need to have to complicate our lives with more equity partners than we currently have today,” Fusco told investors on a conference call.<\/p>\n

Cheniere’s adjusted earnings of $1.8 billion beat the market consensus of $1.62 billion.<\/p>\n

The company raised its full-year earnings forecast by $100 million to between $8.3 billion and $8.8 billion. Analysts on average had expected $8.61 billion, according to Refinitiv.<\/p>\n

U.S. natural gas prices averaged $2.417 per million British thermal units (Btu) during the April-June quarter, down nearly 63% from the year-ago quarter, when demand skyrocketed following Russia’s invasion of Ukraine.<\/p>\n

The LNG exporter posted second-quarter net income of $1.37 billion compared with $741 million last year on gains in derivative instruments used to hedge against international gas prices.<\/p>\n

That net profit level keeps Cheniere on track to potentially be able to be included in the in the future, said investment firm Jefferies.<\/p>\n

Cheniere Executive Vice President and Chief Financial Officer Zach Davis said the company was committed to buying back 10% of its shares and would balance debt reduction and share buybacks.<\/p>\n

“We are intent to catch up on the 1:1 cumulative ratio between debt paydown and share buy backs over time,” Davis said. <\/p>\n

The quarter’s $350 million share buyback was smaller than expected, Jefferies analysts said. <\/p>\n

The Houston, Texas-based energy firm’s quarterly revenue fell 49% to $4.1 billion on the weaker prices and shipment volumes.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. The logo of Houston-based liquefied natural gas company Cheniere seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS\/Chris Helgren\/File photo HOUSTON (Reuters) -Top U.S. liquefied exporter Cheniere Energy (NYSE:) Inc reported second-quarter earnings that topped Wall Street forecasts, and raised its full-year profit outlook. The […]<\/p>\n","protected":false},"author":1,"featured_media":7289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-44491","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCheniere tops earnings estimates, raises full year profit view | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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