NVGS · Navigator Holdings Ltd.

Navigator Holdings reported a solid first quarter for 2026, with net income attributable to stockholders rising to $35.5 million from $27.0 million in the same period last year, despite a decline in total operating revenues to $140.6 million from $151.4 million. The revenue decrease was offset by lower expenses and a reduced share count, boosting earnings per share to $0.55 from $0.39. Adjusted net income also improved to $33.1 million from $25.5 million. The company declared a quarterly dividend of $0.07 per share, consistent with its capital return policy, and announced a revision to that policy effective Q2 2026, increasing the payout ratio from 30% to 35% of net income. Additionally, Navigator signed a non-binding letter of intent to sell eight gas carriers and its stake in Unigas B.V. for approximately $183 million, a strategic move to streamline its fleet. The company reduced debt by $3.1 million during the quarter and maintained strong liquidity of $291.0 million. These actions reflect management's focus on shareholder returns and balance sheet strength.