StealthGas(GASS)

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StealthGas(GASS) - 2024 Q3 - Quarterly Report
2024-11-26 21:15
Exhibit 99.1 STEALTHGAS INC. REPORTS THIRD QUARTER AND NINE MONTHS 2024 FINANCIAL AND OPERATING RESULTS ATHENS, GREECE, November 25, 2024. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS Third Quarter 2024 Results 1: • All-time record Net Income of $55.7 ...
StealthGas(GASS) - 2024 Q3 - Earnings Call Transcript
2024-11-26 01:54
Financial Data and Key Metrics Changes - Revenues for Q3 2024 were $40.4 million, down 3% from the previous quarter but up 17% year-over-year [6] - Adjusted net income for Q3 was $14.2 million, an 18% increase from $12 million in the same quarter last year [6][32] - Adjusted earnings per share were $0.38 for the quarter, a 23% increase, and $1.67 for the nine-month period, marking a 61% increase [7][33] - The company reduced its total debt to below $100 million for the first time, with total debt at $86.4 million compared to cash of $77.4 million [8][39][65] Business Line Data and Key Metrics Changes - Net revenues after voyage expenses for Q3 were $37.5 million, a 16% increase, attributed to rechartering vessels at higher rates and the addition of larger vessels [27] - Operating expenses remained stable at $12.3 million for the quarter, with a 10% decrease for the nine-month period [28] - Dry-docking expenses for Q3 were $2.9 million due to four vessels undergoing dry-dock, impacting overall profitability [29][30] Market Data and Key Metrics Changes - Global LPG exports increased by 5.5% in the first nine months of 2024, with US propane exports growing by 12% year-over-year [43] - The LPG shipping market saw a divergence between East and West, with the West maintaining firm rates while the East experienced slower activity [53][55] - The order book for handysize vessels remains healthy, supporting period market rates going into the next year [60] Company Strategy and Development Direction - The company is focused on deleveraging and optimizing cash generation, having made $108 million in debt repayments [8][40] - The fleet strategy includes diversifying and renewing, with recent sales and acquisitions of vessels [9][10] - The company aims to secure 65% of contracted days for 2025, amounting to approximately $100 million in revenue [12][64] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another record year, despite a heavy dry-dock schedule impacting fleet utilization [63] - The company anticipates continued higher rates in the West due to a shortage of well-maintained vessels [17] - The impact of geopolitical events, such as the Houthi attacks in the Red Sea, is expected to influence trade routes and demand dynamics [19] Other Important Information - The company has eliminated refinancing risk, with only $115 million due at the end of 2025 [42] - The book value of investments in joint ventures was $30.9 million, with expectations of further reductions [36][22] Q&A Session Summary - No specific questions or answers were recorded in the provided content [69]
StealthGas: Excellent Financials And Supporting Tailwinds
Seeking Alpha· 2024-09-17 10:53
Group 1 - The article highlights the advantages of small/handysize LPG carriers, emphasizing the healthy balance sheet of StealthGas (GASS) and its buyback program [1] - At the time of publication, GASS was trading at 42% of its PNAV, indicating it was significantly cheaper than its peers [1] - The author expresses a preference for shipping and mining enterprises but is open to exploring other industries if they align with the investment style [1] Group 2 - The author filters for new investment ideas that are overlooked, offer asymmetric risk rewards, and provide dividends with attractive yields [1] - The analytical approach is fundamentally focused, with an emphasis on numbers, while also incorporating technical analysis to optimize market timing [1]
StealthGas(GASS) - 2024 Q2 - Quarterly Report
2024-09-06 11:19
Exhibit 99.1 STEALTHGAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2024 FINANCIAL AND OPERATING RESULTS ATHENS, GREECE, September 5, 2024. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS Second Quarter 2024 Results 1: • All-time record quarterly Net Income of ...
StealthGas(GASS) - 2024 Q2 - Earnings Call Transcript
2024-09-05 19:54
Financial Data and Key Metrics Changes - The company reported record net income of $25.8 million for Q2 2024, a 146% increase from $10.5 million in Q2 2023, with earnings per share rising to $0.70, marking a 159% increase [5][17] - Voyage revenues increased to $41.8 million, a 14% year-over-year increase, while net revenues for the quarter were $39.1 million, an 18% increase [5][13] - Operating expenses decreased by 7% to $12.5 million for the quarter, contributing to a 60% increase in income from operations to $16.1 million [14][15] Business Line Data and Key Metrics Changes - The company sold two smaller vessels and received two new medium gas carriers, maintaining a focus on chartering with 55% of fleet days contracted for 2025 [4][6] - Contracted revenues for future periods exceeded $220 million, with 85% of fleet days secured for 2024 [8][31] Market Data and Key Metrics Changes - LPG exports from the U.S. increased by 11% in the first half of 2024, while Middle East exports remained flat due to OPEC production cuts [22][23] - Seaborne import volumes in China rose by 11% year-on-year, indicating strong demand, while India is expected to grow its LPG demand alongside economic growth [23][24] Company Strategy and Development Direction - The company is focused on debt reduction, having prepaid $107 million in debt and maintaining a net debt ratio below 5% [6][20][31] - The strategy includes securing long-term charters to stabilize cash flow, with all vessels currently fixed and a significant portion of future revenues contracted [8][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the LPG market, anticipating increased activity during the winter months due to rising heating demand [30] - The company remains cautious about potential oversupply in the medium-sized ship segment but sees strong fundamentals in the Handy Size segment due to a limited order book [28][29] Other Important Information - The book value of the company's investments in joint ventures decreased to $30 million due to the sale of a medium gas carrier [9][18] - The company has eliminated refinancing risk with only a $15 million balloon payment due at the end of 2025 [21] Summary of Q&A Session Questions and Answers - There was no Q&A session following the conference call, as indicated in the records [33]
StealthGas: 35% Selloff Prior To Q2 Earnings Makes Them A Compelling Buy
Seeking Alpha· 2024-08-10 12:11
Company Overview - StealthGas, Inc. is a Greek-based company operating a fleet of LPG carriers, generating revenue through time charters and voyage charters, with time charter revenues at $124.1 million, voyage charter revenues at $18.3 million, and other income at $1.2 million [2] - The fleet consists of 27 fully owned vessels and 5 additional vessels under joint ventures, with the CEO, Harry N. Vafias, holding a significant stake in the company [3] - The company has not paid dividends since 2009, favoring reinvestment of free cash flow into operations or cash reserves [3] Recent Performance - StealthGas reported a record-breaking Q1 2024 with a 5% year-over-year increase in net income, totaling $17.7 million [4] - Despite reducing fleet size from 32 vessels in Q1 2023 to 27 vessels in Q1 2024 (a 16% reduction), total net voyage revenues increased by 14% year-over-year [5] - Fleet utilization improved from 98.9% in Q1 2023 to 99.1% in Q1 2024, driven by increased demand in the LPG shipping market, particularly from China (27% increase in imports) and India [6] Financial Overview - Total revenue increased from $38.1 million in Q1 2023 to $41.6 million in Q1 2024, a 9.19% increase, while net voyage revenue rose from $34.0 million to $38.7 million, a 13.82% increase [7] - Other revenue declined by 29% from $4.1 million to $2.9 million, primarily due to a reduction in equity earnings from $8.8 million to $2.6 million, attributed to the absence of net vessel sales in Q1 2024 [6][7] Outlook - The company is focused on fleet optimization by replacing older vessels with newer ones that have greater capacity, and diversifying into ammonia shipping, which is gaining recognition as a future fuel [8] - Significant debt reduction plans of $32 million in Q1 2024 and $53.3 million in Q2 2024 will lower interest expenses and improve margins, with 23 vessels free from debt [8] - Recent share buybacks of $3.9 million in 2023 and about $400k in Q1 2024 indicate confidence in the company's financial health [9] Trading View - The share price has dropped by 35% since June 2024, which may reflect investor anticipation of weaker results, potentially already priced in [9] - The company reported negative free cash flow of $72 million in Q2 2024 due to investments in fleet modernization, which is viewed positively as a long-term strategy [9]
StealthGas(GASS) - 2024 Q1 - Quarterly Report
2024-05-23 13:06
Exhibit 99.1 STEALTHGAS INC. REPORTS FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS ATHENS, GREECE, May 22, 2024. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2024. • Drydocking costs for the three months ended March 31, 2024 and 2023 were nil and $1.1 million, respectively. No vessels were drydocked during t ...
StealthGas(GASS) - 2024 Q1 - Earnings Call Transcript
2024-05-22 22:20
Financial Data and Key Metrics Changes - The company reported record quarterly profits for Q1 2024, with net voyage revenues increasing to $38.7 million, a 14% year-over-year increase and a 26% increase compared to the previous quarter [4][7] - Net income for Q1 2024 was $17.7 million, a 5% increase from $16.8 million in the same quarter last year, marking the highest quarterly profit ever recorded by the company [4][8] - Earnings per share were reported at $0.49, with an adjusted basis of $0.53, benefiting from a reduced share count due to share buybacks [4][8] - Total debt increased by $37.1 million to $160.6 million, primarily due to a $70 million loan drawn down for financing [15] Business Line Data and Key Metrics Changes - The company sold two smaller vessels and took delivery of two new medium gas carriers during the first quarter, maintaining a focus on enhancing fleet capacity [11] - Contracted revenues for 2024 reached over $180 million, with 73% of fleet days covered by contracts, indicating a strong focus on securing period charters [11][12] Market Data and Key Metrics Changes - LPG exports increased by 4.3% in 2023, with a 5% increase in the first quarter of 2024, driven by strong US export growth [17] - The company noted a significant 27% year-on-year increase in LPG import demand from China, alongside supportive government policies in India for LPG usage [30] Company Strategy and Development Direction - The company is strategically shifting towards larger vessels to maintain a young fleet profile and provide comprehensive services to industrial customers [22] - The focus remains on reducing spot exposure and increasing period charters to stabilize revenue streams [11][12] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term market fundamentals despite entering seasonally weaker summer months, citing strong demand from China and India [20][30] - The company anticipates continued profitability driven by higher revenues and reduced expenses, with a focus on maintaining a competitive edge in the LPG shipping market [20][33] Other Important Information - The company has successfully reduced its debt significantly, with 23 unencumbered vessels and a debt ratio below 15% [20][27] - The book value of the company's investments in joint ventures stood at $42.3 million, with a notable interim distribution of $24 million from the sale of a vessel [23] Summary of Q&A Session Questions and Answers - There was no question-and-answer session during the conference call, as all participants were on listen-only mode [1]
StealthGas(GASS) - 2024 Q1 - Earnings Call Presentation
2024-05-22 21:47
• Completed the sale of two small LPG vessels in January 2024. 32 VESSELS 4 | StealthGas Key Highlights • Took delivery of two MGC's, the Eco Oracle and Eco Wizard in January 2024. • Contracted revenues for all subsequent periods over $180 million (excl. JV vessels). • Net Income of $17.7 million in Q1 24 compared to $16.8 million in Q1 23 (+5%) • Repurchased 3.9 million shares during 2023. Repurchased $0.4 million in Q1 24. 3 4 MGC's Semi-Refrigerated Cbm's • 8 vessels sold in 2023 (67,763cbm total) and 3 ...
STEALTHGAS INC. Reports First Quarter 2024 Financial and Operating Results
Newsfilter· 2024-05-22 13:10
Core Insights - StealthGas Inc. reported an all-time record quarterly net income of $17.7 million for Q1 2024, a 5.4% increase from Q1 2023, with a basic EPS of $0.49 [4][9] - Revenues for Q1 2024 increased by 9.2% to $41.6 million compared to $38.1 million in Q1 2023, despite a reduction in the fleet size from 32 to 27 vessels [4][27] - The company secured approximately 73% of fleet days for the remainder of 2024 under period charters, generating over $180 million in contracted revenues [4][6] Financial Performance - Net income for Q1 2024 was $17.7 million, up from $16.8 million in Q1 2023, reflecting a $0.9 million increase [4][27] - Adjusted net income for Q1 2024 was $19.1 million, with an adjusted EPS of $0.53, compared to $17.3 million and $0.45 in Q1 2023 [9][27] - EBITDA for Q1 2024 amounted to $26.6 million, an increase from $25.3 million in Q1 2023 [9][26] Operational Highlights - Voyage and operating expenses decreased by 22.7%, with voyage expenses down by 28% to $2.9 million and operating expenses down by 21% to $11.5 million [4][27] - No drydocking costs were incurred in Q1 2024, compared to $1.1 million in Q1 2023 [4][27] - The average number of vessels owned during Q1 2024 was 27.04, down from 32.26 in Q1 2023 [9][17] Debt Management - The company repaid $32.0 million in debt during Q1 2024 and $53.3 million in total during Q2 2024 [4][7] - As of March 31, 2024, the company maintained cash and cash equivalents of $83.6 million, enabling further debt reduction [4][29] Fleet Update - The company concluded several charter arrangements, securing significant future revenues [6][10] - The fleet consists of 27 vessels as of the end of Q1 2024, with a total capacity of 354,188 cbm [13][17]