Earnings Review and Free Research Report Dorian Reported Better than Expected Quarterly Results

LONDON, UK / ACCESSWIRE / June 30, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Dorian LPG Ltd. (NYSE: LPG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=LPG, following the Company’s announcement of its fourth quarter and fiscal 2017 financial results on June 14, 2017. The owner and operator of large gas carriers reported a y-o-y decline in revenue and earnings on subdued LPG demand. 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: http://protraderdaily.com/register/.

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 LPG. With the links below you can directly download the report of your stock of interest free of charge at: http://protraderdaily.com/optin/?symbol=LPG.

Earnings Reviewed

For the three months ended March 31, 2017, Dorian’s revenues of $47.6 million, including net pool revenues – related party, voyage charters, time charters and other revenues earned by its vessels – decreased 44.2% from $85.3 million for Q4 FY16. The decline was primarily attributable to a 47% decrease in average TCE rates from $46,376 in the prior year’s corresponding quarter to $24,677 in the reported period, impacted by a large number of new buildings delivered into the global fleet during the period, commodity price fluctuations, and LPG price firmness in the United States, thereby subduing demand for long-haul LPG transportation. The Company’s revenue numbers topped analysts’ expectations of $37.93 million.

For FY17, Dorian reported revenues of $167.4 million, down 42.1% from $289.2 million for FY16.

During Q4 FY17, Dorian’s Voyage expenses were $0.6 million reflecting a decrease of 15.6% from $0.7 million for Q4 FY16 attributable to the Grendon’s operating in the Company’s fleet during the year ago same period incurring voyage expenses of $0.1 million for the three months ended March 31, 2016, that did not recur during the reported quarter as the vessel was sold prior to the period. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel consumption, port expenses, canal fees, charter hire commissions, war risk insurance, and security costs. For FY17, Dorian’s Voyage expenses were $3.0 million, reflecting a decrease of 75.4% from $12.1 million for the year ended March 31, 2016.

Dorian’s Vessel operating expenses were $16.6 million, or $8,363 per vessel per calendar day, during Q4 FY17, relatively unchanged from $16.6 million, or $8,350 per vessel per calendar day, for Q4 FY16. The Company’s Vessel operating expenses were $66.1 million during FY17, or $8,233 per vessel per calendar day, down 40.3% from $47.1 million, or $8,581 per vessel per calendar day, for FY16.

Dorian’s interest and finance costs amounted to $7.4 million for Q4 FY17, an increase of 5.5% from $7.1 million for Q4 FY16, primarily due to a $0.2 million increase in interest incurred on its long-term debt, amortization, and other financing expenses, including capitalized interest.

For Q4 FY17, Dorian reported net income amounted of $2.0 million, or $0.04 per share, compared to net income of $20.2 million, or $0.36 per share, for Q4 FY16. The Company’s adjusted net income amounted to $1.0 million, or $0.02 per share, for the reported quarter compared to adjusted net income of $33.8 million, or $0.60 per share, for the prior year’s same quarter. The decrease in adjusted net income was primarily attributable to a reduction in revenues; a $0.4 million increase in interest and finance costs; a $0.2 million increase in depreciation and amortization; and a $0.1 million increase in foreign currency loss, net, partially offset by a $4.1 million decrease in general and administrative expenses; and a $1.6 million decrease in realized loss on derivatives. The Company’s results surpassed Wall Street’s expectations for a loss of $0.14 per share.

Operating Metrics

During Q4 FY17, Dorian increased vessel operating days to 1,906 from 1,826 in the same period in the prior year along with increased fleet utilization from 91.8% to 96.3%. The Company increased vessel operating days to 7,464 in FY17 from 5,031 in the prior year along with increased fleet utilization from 93.1% to 93.6%.

Stock Performance

On Thursday, June 29, 2017, the stock closed the trading session at $8.15, slightly up 0.37% from its previous closing price of $8.12. A total volume of 130.93 thousand shares have exchanged hands. Dorian LPG’s stock price surged 4.35% in the last one month and 10.73% in the previous twelve months. The stock currently has a market cap of $424.94 million.

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