StealthGas(US:GASS)2024-05-23 13:06Financial Performance - 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] - Revenues increased by 9.2% year-over-year to $41.6 million, while voyage and operating expenses decreased by 22.7%[4] - EBITDA for Q1 2024 amounted to $26.6 million, with adjusted net income of $19.1 million and adjusted EPS of $0.53[4][21] - Revenues increased from $38.06 million in Q1 2023 to $41.56 million in Q1 2024, representing a growth of approximately 9.8%[24] - Income from operations rose significantly from $9.73 million in Q1 2023 to $17.52 million in Q1 2024, an increase of approximately 80.5%[24] - Net income increased from $16.82 million in Q1 2023 to $17.73 million in Q1 2024, reflecting a growth of about 5.4%[24] - Basic earnings per share improved from $0.44 in Q1 2023 to $0.49 in Q1 2024, a rise of approximately 11.4%[24] - Cash flows from operating activities rose to $23.68 million in Q1 2024, compared to $19.68 million in Q1 2023, marking an increase of approximately 20%[26] Expenses and Costs - Total expenses decreased from $28.33 million in Q1 2023 to $24.05 million in Q1 2024, a reduction of about 15.3%[24] - Interest and finance costs increased by 23% to $3.2 million in Q1 2024, primarily due to rising variable interest rates[5] - Interest and finance costs increased from $2.62 million in Q1 2023 to $3.17 million in Q1 2024, a rise of about 20.9%[24] - General and administrative expenses surged from $808,929 in Q1 2023 to $2.21 million in Q1 2024, an increase of about 173.5%[24] - Share-based compensation expenses surged to $1.35 million in Q1 2024, compared to $0.18 million in Q1 2023, an increase of over 666%[26] Debt and Equity - Debt repayments of $32.0 million in Q1 2024 and $53.3 million in Q2 2024 to date, with cash and cash equivalents of $83.6 million as of March 31, 2024[4] - Long-term debt increased from $106.92 million to $145.44 million, a rise of approximately 36%[25] - Total stockholders' equity grew from $549.66 million to $568.83 million, reflecting an increase of about 3.5%[25] Asset Management - Total assets increased from $697.21 million on December 31, 2023, to $752.94 million on March 31, 2024, reflecting a growth of approximately 8%[25] - The company reported a cash and cash equivalents balance of $77.09 million as of March 31, 2024, slightly down from $81.07 million at the end of Q1 2023[26] - The total current liabilities decreased marginally from $38.67 million to $38.00 million, a reduction of about 1.7%[25] Operational Highlights - Approximately 73% of fleet days for the remainder of 2024 are secured under period charters, generating over $180 million in contracted revenues[6][7] - Average number of vessels decreased to 27.04 in Q1 2024 from 32.26 in Q1 2023, yet remaining vessels earned higher revenues due to improved market conditions[4] - The company has secured multiple time charter extensions for its vessels, enhancing revenue stability[5][13] - The CEO highlighted the positive market conditions and the company's commitment to reducing debt and rewarding shareholders[9] Joint Ventures and Sales - Equity earnings in joint ventures decreased to $2.6 million in Q1 2024 from $8.8 million in Q1 2023, attributed to the sale of a vessel in the prior year[5] - Equity earnings in joint ventures dropped from $8.83 million in Q1 2023 to $2.58 million in Q1 2024, a decline of approximately 70.8%[24] - The company reported a net loss on the sale of vessels of $46,384 in Q1 2024 compared to a gain of $23,354 in Q1 2023[24] - Proceeds from the sale of vessels increased significantly to $34.68 million in Q1 2024, compared to $9.42 million in Q1 2023, indicating a growth of over 267%[26]