StealthGas Inc. Marks Record Growth in Financial Performance
StealthGas Inc. Reports Impressive Financial Results
ATHENS, Greece — StealthGas Inc. (NASDAQ: GASS), a leading ship-owning company engaged in the liquefied petroleum gas (LPG) shipping sector, has released its financial and operational results for the year ending December 31, 2024. This latest report highlights a record-breaking performance, showcasing resilience and robust growth amid fluctuating market conditions.
Record Net Income Achieved
Key Financial Highlights
In an outstanding year, StealthGas achieved an all-time high net income of $69.9 million for 2024, representing a remarkable 34.7% increase compared to the previous year. The fourth quarter alone contributed a net income of $14.2 million, leading to a basic earnings per share (EPS) of $0.38 for the quarter.
Robust Revenue Growth
Quarterly Revenue Increase
StealthGas experienced a significant revenue jump of 27.3% in the fourth quarter, totaling $43.5 million compared to $34.1 million in the same quarter of the prior year. The company attributes this growth to improved market conditions and effective fleet management strategies.
Increasing Fleet Coverage
As part of its strategic outlook for 2025, StealthGas has secured approximately 70% of its fleet days under period charters, with projected contracted revenues exceeding $200 million, excluding joint venture (JV) vessels. This proactive approach ensures stable cash flow and reduced exposure to market volatility.
Debt Reduction Initiatives
Financial Stability through Debt Repayments
The company continued its focus on reducing leverage by repaying $108.2 million in debt during 2024, alongside $34.4 million in the current quarter of 2025. Currently, 26 out of 28 vessels in StealthGas's fully owned fleet remain unencumbered, strengthening the company’s balance sheet.
Cash Reserves and Operational Efficiency
Healthy Cash Position
By December 31, 2024, StealthGas maintained a strong cash and cash equivalents position of $84.5 million, including restricted cash, empowering the company to further reduce its debt obligations while supporting operational needs.
Quarterly Performance Breakdown
Detailed Insights into Operations
In the fourth quarter of 2024, StealthGas generated revenues of $43.5 million from an average of 27.6 owned vessels, up from 27.0 vessels the previous year. The shipping company reported voyage expenses of $3.2 million and operational costs of $13.6 million.
Additionally, drydocking costs increased significantly to $1.9 million, primarily due to the completion of drydocking on three vessels, compared to a nominal expense in the same quarter last year.
Future Outlook and Shareholder Value
Share Repurchase Program
In a commitment to enhancing shareholder value, StealthGas’s Board of Directors has authorized an increase of $5 million to its existing common stock repurchase program. This increase brings the total to $30 million, reflecting the company's confidence in its financial position and future prospects. The shares may be repurchased through open market transactions at management's discretion.
Comments from Leadership
CEO Harry Vafias expressed enthusiasm about the company's performance, highlighting the capability to deliver record profits for three consecutive years. "We are diligently modernizing our fleet and securing revenues while de-risking the business, aimed at enhancing value for our shareholders. As we strategize for the future, we remain mindful of the geopolitical dynamics influencing our sector and the shipping market overall," noted Vafias.
Conference Call Information
The management of StealthGas will host a conference call to discuss the results in greater depth. Stakeholders are encouraged to register early to participate in this important discussion.
About StealthGas Inc.
StealthGas Inc. specializes in the transportation of liquefied petroleum gas and has a fleet of 31 LPG carriers, integrating three joint venture vessels. The company aims to provide excellent service within the international maritime industry, leveraging its extensive operational expertise and commitment to efficiency.
Frequently Asked Questions
What financial results did StealthGas report for 2024?
StealthGas reported an all-time record net income of $69.9 million for 2024, a 34.7% increase from 2023.
How much revenue did the company generate in the fourth quarter?
The company generated $43.5 million in revenue during the fourth quarter of 2024.
What percentage of fleet days is secured under period contracts?
Approximately 70% of fleet days for 2025 are secured under period contracts.
What actions has StealthGas taken regarding debt?
StealthGas repaid $108.2 million in debt during 2024 and reduced debt by $34.4 million in the first quarter of 2025.
How many vessels does StealthGas currently operate?
StealthGas operates a fleet of 31 LPG carriers, including three joint venture vessels.
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