STEALTHGAS INC. Reports First Quarter 2024 Financial and Operating Results

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]