Stolt-Nielsen Limited Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended November 30, 2014
January 29, 2015 at 02:39 am
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Stolt-Nielsen Limited reported unaudited consolidated earnings results for the fourth quarter and full year ended November 30, 2014. Net profit attributable to shareholders in the fourth quarter was $13.1 million, with revenue of $532.3 million, compared with a net profit of $14.6 million, with revenue of $545.4 million, in the third quarter. Stolt Tankers reported an operating profit of $8.6 million versus $8.4 million. Excluding the impact of one-time items in the fourth and third quarters, Stolt Tankers had its strongest quarterly performance of the year. The Stolt Tankers Joint Service Sailed-in Time-Charter Index1 was 0.65, consistent with the prior quarter. Stolthaven Terminals reported an operating profit of $17.8 million, up from $16.2 million. Results for the quarter reflected $3.8 million related to the termination of a customer contract at Stolthaven New Zealand, and the positive impact of new capacity coming into operation in Singapore. Stolt Tank Containers reported an operating profit of $19.5 million, up from $17.6 million, as momentum was maintained despite a decrease in shipments. Stolt Sea Farm reported an operating loss of $0.4 million, compared with operating profit of $2.8 million, as the accounting for inventories at fair value had a negative impact of $0.4 million in the fourth quarter, compared with a positive impact of $1.8 million in the third quarter. Corporate and other reported an operating loss of $6.8 million, down from $0.3 million operating profit, mostly as a result of the expected severance related to the Norwalk, Connecticut office relocation. Operating profit for the quarter was $38.6 million compared to $57.760 million a year ago. Profit before income tax was $16.085 million compared to $36.494 million a year ago. Basic and diluted EPS was $0.23 compared to $0.61 a year ago.
Net profit attributable to shareholders for 2014 was $77.1 million, with revenue of $2,137.9 million, compared with a net profit of $82.0 million, with revenue of $2,099.5 million, in 2013. Net cash generated by operating activities was $270.413 million compared to $189.997 million a year ago. Capital expenditures were $322.724 million compared to $280.978 million a year ago. Operating profit was $188.6 compared to $189.2 million a year ago. Profit before income tax was $93.154 million compared to $102.140 million a year ago. Basic and diluted EPS was $1.33 compared to $1.41 a year ago. Purchase of intangible assets was $2.420 million compared to $2.742 million a year ago.
Stolt-Nielsen Limited is a long-term investor and manager of businesses focused on opportunities in logistics, distribution and aquaculture. The Companyâs portfolio consists of its three global bulk-liquid and chemical logistics businesses: Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers, Stolt Sea Farm and various investments. The Companyâs segment includes Tankers, Terminals, Tank Containers, Stolt Sea Farm and Stolt-Nielsen Gas. Stolt Tankers operates a fleet of chemical tankers, providing global transportation services for bulk-liquid chemicals, edible oils, acids and clean petroleum products. Stolthaven Terminalsâ global terminal network provides safe, storage and distribution services for chemicals, clean petroleum products, gas, vegetable oils, biofuels and oleochemicals in key markets and hubs worldwide. The Stolt Tank Containers is a provider of logistics and transportation services for door-to-door shipments of bulk-liquid chemicals and food-grade products.