Cool Company Ltd. (NYSE:CLCO) Q3 2024 Earnings Conference Call November 21, 2024 8:30 AM ET
Company Participants
Richard Tyrrell – CEO
John Boots – CFO
Conference Call Participants
Frode Morkedal – Clarksons Securities
Alexander Bidwell – Webber Research & Advisory
Liam Burke – B. Riley
Peter Hagen – ABG
Operator
Good day, and welcome to the Cool Company Limited Third Quarter 2024 Business Update Call. At this time, all participants are in a listen-only mode. Following the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Please note, today’s call will be recorded and I’ll be standing by if you should need any assistance.
It is now my pleasure to turn the call over to Richard Tyrrell, Chief Executive Officer. Please go ahead.
Richard Tyrrell
Good morning and good afternoon. Thank you, Todd, for the introduction. As many of you will have seen in our press release today, we’ve made important decisions concerning dividends and buybacks. These, along with a refinancing of our largest facility on more attractive terms, are intended to ensure that we can seize opportunities in the current market from a position of strength.
I’ll be focusing on the current market drivers and how we see them developing in my pages. However, before delving into those, we have a quarter to report and Page 3 has the key figures. Our contracted fleet and efficient drydocking enabled us to reach the upper end of revenue guidance for the third quarter. This was supported by and will continue to be supported by our $1.7 billion backlog as at the end of the period.
Revenue reached $82.4 million and adjusted EBITDA came in at $53.7 million. Net income was $8.1 million after the impact of an unrealized $15.5 million negative mark on our interest rate swaps as highlighted in the footnote.
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