Venture Global drops after quarterly revenue, EBITDA miss estimates
VG•Year-to-date performance
As of the last close, VG was up 109.1% year to date.
Shares fall after second-quarter miss
Shares of LNG producer Venture Global (VG.N) were down 5% at $13.55 in premarket trading after the company missed Wall Street estimates for second-quarter revenue and adjusted core profit, as weaker LNG prices at Calcasieu Pass outweighed stronger Plaquemines sales volumes.
Higher costs and lower Calcasieu Pass income
Venture Global said Calcasieu Pass operating income fell 63% year over year as LNG prices declined following the facility's transition to commercial operations. The company also said second-quarter operating expenses rose 15.9% to $2.39 billion, while interest expense jumped 58% to $489 million.
Revenue and adjusted core profit come in below estimates
Revenue rose 48% to $4.58 billion in the second quarter, missing expectations of $4.66 billion, according to LSEG data. The company reported quarterly adjusted core profit of $2.49 billion, below analysts' estimate of $2.50 billion.
