$SLNG Reports Strong Q4 and Full Year 2022 Financial Results
Mar 9th 2023, 11:10 am
Analyst Summary: Stabilis Solutions Inc, a provider of clean energy solutions, reported its Q4 and full year financial results for the period ended December 31, 2022. The company recorded a 29% increase in revenue as compared to the previous year’s fourth quarter, primarily due to additional LNG gallons delivered and higher natural gas prices. The company posted its largest-ever quarterly gross profit of $13.4 million and a net income of $11.6 million. For the year ended December 31, 2022, revenue increased to $98.7 million while gross profit totaled $28.3 million. Management indicated that the rationalization of costs and pricing strategies helped improve profitability despite a challenging economic environment. Furthermore, the company is laying the foundation for expansion into new markets. CEO Westy Ballard commented, "We made tremendous progress both operationally and financially in 2022. The cost rationalization and pricing strategies I discussed on previous calls have improved profitability and delivered strong operating cash flows in a difficult and uncertain economic environment. Additionally, we began to lay the foundation for expansion into exciting new markets and look forward to building on this foundation in 2023 and beyond." While the company's guidance was not included in the press release, management will host a conference call on March 9, 2023, to discuss the results and answer related questions.