StealthGas(GASS) - 2024 Q4 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Revenues for Q4 2024 reached $43.5 million, a 27% increase year-over-year, while full-year revenues were $167.3 million, the highest in company history, surpassing the previous record of $164 million in 2018 [6][7][8] - Adjusted earnings per share for Q4 were $0.44, compared to $0.29 in the same quarter last year, and $2.11 for the full year, up from $1.34 [35][8] - Net income for Q4 was $14.2 million, a 60% increase from $8.9 million in Q4 2023, and full-year net income was $69.9 million, a 35% increase from $51.9 million [33][34] Business Line Data and Key Metrics Changes - Net revenues after voyage expenses for Q4 were $40.3 million, a 31% increase, and $155.6 million for the full year, a 19% increase, driven by rechartering vessels at higher rates and the addition of larger vessels [28] - Operating expenses for Q4 were $13.6 million, a 6% increase, while total operating expenses for the year were $49.8 million, a 6% decrease [29][30] Market Data and Key Metrics Changes - Global LPG exports increased by 4.4% in 2024, with the US being the largest exporter, showing an 11% year-on-year growth [43][44] - China and India, the largest importers, increased their LPG imports by 11.5% and 6.6% respectively in 2024 [45] Company Strategy and Development Direction - The company is focused on deleveraging and optimizing cash flow generation, with a strategic priority on maintaining a visible revenue stream [8][10] - The fleet strategy includes conservative diversification and renewal, with no new announcements during the call [11] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the company's solid state, despite geopolitical uncertainties affecting LPG trade [54][66] - The company is cautious about the geopolitical landscape, including sanctions on Russian LPG and potential tightening of Iranian sanctions [47][50] Other Important Information - The company has reduced its debt significantly, with current debt levels close to $50 million, marking the first time it is net debt-free [9][41] - A share repurchase program has been renewed with an authorization of up to $10.5 million for share buybacks [10][67] Summary of Q&A Session - There was no question and answer session at the end of the conference call [2]