Why Shares of Golar LNG Are Sinking Today
Shares of Golar LNG (NASDAQ: GLNG) fell more than 11% on Thursday afternoon after the liquefied natural gas transport company reported a second-quarter loss and announced a temporary suspension of its dividend in order to simplify its capital structure.
On Thursday morning, Golar reported a second-quarter operating loss of $23.44 million, down from an operating profit of $78 million in the same quarter of 2018, on total operating revenue of $96.7 million. The revenue figure was down $18 million from the first quarter and came in about $2 million shy of expectations.
Golar's time charter equivalent rates for the quarter averaged $24,400, down from $39,300 in the first quarter. But the second quarter is typically a low point, and the 2019 number was ahead of the $19,600 rate from the same three months of 2018.
Source Fool.com
