StealthGas Inc. Achieves Record Results in Latest Financials
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StealthGas Inc. Reports Strong Financial Growth
StealthGas Inc. (NASDAQ: GASS), a leading player in the liquefied petroleum gas sector, has announced its financial and operational results for the recent quarter and the first six months of the year. The results highlight significant growth and strategic successes, underscoring the company’s resilience in a competitive market.
Quarterly and Half-Year Highlights
The most recent data reveals exceptional growth metrics for StealthGas:
- Net income soared to a remarkable $25.8 million for the second quarter of 2024, marking a staggering 145.8% increase compared to the same quarter last year, equivalent to a basic earnings per share (EPS) of $0.70.
- Revenue also demonstrated solid growth, rising by 13.9% year-over-year to reach $41.8 million.
- Operational efficiency was notable, with voyage and operating expenses decreasing by 10%, and income from operations climbing significantly by 59.5% year-on-year.
- Strategically, approximately 85% of the fleet’s operational days for the remainder of 2024 are already secured under period charters, ensuring stability and over $220 million in contracted revenues for subsequent periods, excluding joint venture vessels.
- The company is proactively managing its debt, having repaid $85.3 million in the first half of the year alone, with an additional $21.3 million during the third quarter, showcasing financial prudence and enhancing liquidity.
Operational Performance in Detail
For the quarter ending June 30, 2024, revenue for StealthGas amounted to $41.8 million, a sharp increase from $36.7 million the previous year. This growth can be attributed to favorable market conditions, with the average number of vessels owned decreasing yet showing improved revenue efficiency.
Voyage expenses and operational costs for this period were notably lower than in previous years, indicating improved fleet management:
- Voyage expenses decreased to $2.7 million, down from $3.5 million.
- Operational expenditures for vessels were also reduced to $12.5 million from $13.4 million.
- Drydocking costs considerably dropped, with $0.6 million recorded against $1.5 million last year, indicating more efficient maintenance schedules.
- Administrative expenses increased to $2.4 million, attributed primarily to stock-based compensation adjustments.
- Depreciation rose to $6.5 million as StealthGas continued to invest in newer ships to modernize its fleet.
First Half of 2024 Financial Overview
Over the first six months, overall revenues improved to $83.4 million, a growth of $8.7 million or 11.6% from the previous year, reflective of effective operational strategies during a competitive timespan. StealthGas recorded similar trends in expenses and net income:
- Net income for the period stood at $43.5 million, compared to $27.3 million in the same timeframe last year.
- Basic earnings per share for the six months amounted to $1.20, significantly up from $0.71.
- Long-term debt management remains a priority with ongoing loan repayments enhancing the firm's fiscal position.
Future Strategic Direction
CEO Harry Vafias emphasized the company's commitment to maintaining a robust strategy focused on debt reduction and operational efficiency. He expressed optimism about future market trends, especially as demand for long-term charters appears to be strengthening as the market prepares for the winter months. The consolidation of existing contracts positions the company favorably for sustainable growth in the coming years.
Stable Fleet and Chartering Developments
StealthGas has recently finalized several chartering agreements for its fleet, many of which extend until 2028, indicating long-term commitments that enhance revenue security:
- A notable extension for the Eco Oracle until January 2028.
- The Gas Alice has also secured its charter lasting until July 2027.
- New charters for additional vessels further bolster the company’s revenue framework.
Conference Call and Interaction
The management team will host a conference call to discuss these results further and invite investors to engage. Participants should consider pre-registering to ensure a smooth experience during the call.
About StealthGas Inc.
StealthGas Inc. operates a diversified fleet of 32 LPG carriers. The firm continues to play a pivotal role in the international shipping sector while delivering reliable and safe transportation for liquefied natural gas.
Frequently Asked Questions
What were the major financial highlights for StealthGas Inc. in the latest report?
StealthGas reported a net income of $25.8 million for Q2 2024, a 145.8% increase from the previous year, with total revenues of $41.8 million.
How does StealthGas manage its operational costs?
StealthGas has strategically reduced voyage and vessel operational expenses, contributing to increased profitability.
What is the outlook for StealthGas?
Management remains optimistic about market conditions and continues to secure long-term contracts, contributing to stable cash flows.
How many vessels does StealthGas operate?
StealthGas operates a fleet of 32 LPG carriers, efficiently managed to maximize revenues.
How can investors contact StealthGas for more information?
Investors can reach out to Konstantinos Sistovaris, Investor Relations, via email at info@stealthgas.com or call +30-210-6250-001.
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