Earnings Review and Free Research Report: StealthGas’ Quarterly Revenue Jumped 10.1%; Beat Expectations

Research Desk Line-up: Ship Finance Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 18, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on StealthGas Inc. (NASDAQ: GASS), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=GASS, following the Company’s release of its second quarter fiscal 2017 financial results on August 24, 2017. The shipowner serving the liquefied petroleum gas market achieved close to 95% operational utilization, which is the Company’s second best second quarter’s performance marked since 2012. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Get more of our free earnings reports coverage from other constituents of the Shipping industry. Pro-TD has currently selected Ship Finance International Limited (NYSE: SFL) for due-diligence and potential coverage as the Company announced on August 30, 2017, its premilinary financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Ship Finance when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on GASS; also brushing on SFL. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=GASS

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Earnings Reviewed

StealthGas’ revenues for the three months ended June 30, 2017, amounted to $39.3 million, an increase of 10.1% compared to revenues of $35.7 million for Q2 2016, mainly due to increased fleet utilization and a slight increase in market rates. The Company’s revenue topped analysts’ expectations of $36.32 million.

StealthGas’ voyage expenses and vessels’ operating expenses were $4.5 million and $14.4 million, respectively, for Q2 2017 compared to $3.7 million and $15.2 million, respectively, for Q2 2016. The $0.8 million increase in voyage expenses is mainly attributed to higher bunker costs due to increased oil prices. The 5.3% decrease in vessels’ operating expenses compared to the year-ago corresponding period was mostly due to improved operating efficiency and a 10.6% decrease in store costs.

StealthGas’ Drydocking costs for Q2 2017 and Q2 2016 were $1.2 million and $1.5 million, respectively. The Company noted that the costs for the reported quarter corresponds to the Drydocking of three vessels, while in the year-ago same period the Company completed the Drydocking of four vessels. StealthGas’ depreciation for both Q2 2017 and Q2 2016 was $9.7 million.

The Company recorded an impairment loss of $3.2 million for three of its oldest vessels, two of which have been classified as held for sale, as of June 30, 2017.

For Q2 2017, StealthGas reported a net loss of $1.7 million compared to a net loss of $1.6 million for Q2 2016. The Company’s loss per share, basic and diluted, for Q2 2017 and Q2 2016 amounted to $0.04. StealthGas’ adjusted net income was $1.5 million, or $0.04 per share, for the reported quarter compared to the adjusted net loss of $1.5 million, or $0.04 per share, for the prior year’s same period. The Company’s reported earnings numbers met Wall Street’s estimates of $0.04 per share.

StealthGas’ EBITDA amounted to $12.21 million for Q2 2017 compared to EBITDA of $11.69 million for Q2 2016.

Key Highlights

An average of 53.4 vessels was owned by StealthGas during Q2 2017 compared to 53.0 vessels for Q2 2016. At the end of the reported quarter, the Company had contracted revenues of approximately $180 million. Total anticipated voyage days of StealthGas’ fleet were about 83% covered for the remainder of 2017 and 44% covered for 2018.

Cash Matters

As of June 30, 2017, StealthGas’ cash and cash equivalents amounted to $43.3 million and total debt amounted to $408.2 million. During the six months ended June 30, 2017, the Company’s debt repayments amounted to $22.2 million.

Stock Performance

On Friday, September 15, 2017, the stock closed the trading session at $3.29, marginally dropping 0.30% from its previous closing price of $3.30. A total volume of 51.69 thousand shares have exchanged hands. StealthGas’ stock price advanced 8.76% in the last one month and 7.17% in the past three months. The stock currently has a market cap of $131.50 million.

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