Brief: Stolt-Nielsen Q1 net result rises, outlook unchanged

Stolt-Nielsen

12/04/2018 07:38

April 12 (Reuters) - Stolt-Nielsen Ltd  SNI.OL :
    * Q1 NET PROFIT $38.7 MILLION (REUTERS POLL $39.7 MILLION)
VS
YEAR-AGO NET PROFIT $1.1 MLN
    * Q1 REVENUES $515.3 MILLION (REUTERS POLL $508 MILLION) VS
YEAR-AGO $506.8 MLN
    * LOOKING AHEAD, FUNDAMENTALS REMAIN UNCHANGED
    * WHILE CHEMICAL TANKER MARKET APPEARS TO HAVE BOTTOMED OUT,
WE
ARE UNLIKELY TO SEE ANY MEANINGFUL IMPROVEMENT UNTIL NEXT YEAR,
AS ORDERBOOK SHRINKS AND NEW DELIVERIES ARE ABSORBED IN MARKET
    * AT STOLTHAVEN TERMINALS, WE EXPECT CONTINUED SLOW, BUT
STEADY
IMPROVEMENTS IN PERFORMANCE DRIVEN BY INCREASED UTILISATION AND
ONGOING OPERATIONAL ENHANCEMENTS
    * AT STOLT TANK CONTAINERS, OUTLOOK IS POSITIVE AS GLOBAL
TANK
CONTAINER DEMAND CONTINUES TO GROW
    * FOR STOLT SEA FARM, RESULTS ARE EXPECTED TO IMPROVE, WITH
SUSTAINED STRENGTH IN PRICING DRIVEN BY EFFORTS TO EXPAND OUR
MARKETS
    * FIRST-QUARTER UNDERLYING OPERATING PERFORMANCE WAS LARGELY
IN
LINE WITH EXPECTATIONS, REFLECTING SURGE IN BUNKER PRICES THAT
WE HAVE EXPERIENCED LATELY
    * FIRST-QUARTER RESULTS INCLUDED A ONE-TIME GAIN OF $24.9
MILLION,
REFLECTING REDUCTION IN COMPANY'S NET DEFERRED TAX LIABILITY
FOLLOWING LOWERING OF US FEDERAL CORPORATE INCOME TAX RATE

Source text for Eikon:  urn:newsml:reuters.com:*:nGNE9Pyxff
Further company coverage:  SNI.OL 

 (Reporting By Terje Solsvik)
 ((terje.solsvik@thomsonreuters.com;))