Cheniere Energy swings to profit, raises guidance

Cheniere Energy Inc. LNG, +2.54% on Thursday raised its 2018 guidance and projected further earnings growth in 2019, after reporting a swing to a third-quarter profit.

The Houston energy company, which focuses on liquefied natural gas, earned a quarterly profit of $65 million, or 26 cents a share, compared with a loss of $289 million, or $1.24 a share, for the same period last year.

Analysts expected a quarterly profit of 24 cents a share, according to a FactSet consensus.

Excluding items, Cheniere reported adjusted consolidated earnings of $569 million a share for the quarter, compared with $442 million last year.

Revenue rose 30% to $1.82 billion. Cheniere said it exported 65 cargoes of LNG during the three months, up from 44 in the year-earlier quarter.

Cheniere raised its guidance for adjusted earnings to between $2.45 billion and $2.55 billion for 2018 overall, from $2.30 billion to $2.50 billion previously. For 2019, the company expects adjusted earnings of $2.90 billion to $3.20 billion.

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