For the first quarter of 2011, Golar reported revenue of $67.5 million compared to $64.6 million in the same period of 2010, benefiting from enhanced performance of its modern LNG carriers and higher daily charter rates. During the quarter, the average daily time charter equivalent rates increased to $80,694 from $74,206 in the fourth quarter of 2010. However, vessel utilization was lower at 91% compared to 95% in the Dec. 2010 quarter. Net income for 2011 first quarter stood at $16.3 million, while operating income was $20.4 million.
The company is gearing to meet higher LNG demand in the next few years. Golar executed a FSRU charter agreement with PT Nusantara Regas in April 2011. Besides, it also secured charters for its four modern vessels for 12 to 18 month periods and expects to add about $80 million EBITDA to its books on an annualized basis. The company ordered six new LNG carriers from Samsung Heavy Industries with an option to order another two vessels.The stock was a major outperformer and returned over 130% year-to-date and has buy ratings of 69%. >>To see these stocks in action, visit the 6 Stocks to Gain From Strong LNG Outlook portfolio on Stockpickr.