STAMFORD, Conn. - Dorian LPG Ltd. (NYSE:LPG), a prominent operator of very large gas carriers (VLGCs), disclosed its financial outcomes for the fourth quarter ended March 31, 2024, revealing both earnings and revenue that fell short of Wall Street expectations.
The company reported a Q4 adjusted EPS of $1.91, which was $0.42 below the analyst estimate of $2.33. Revenue for the quarter was $141.4 million, also missing the consensus estimate of $144.35 million.
The company's stock price responded negatively to the news, dropping 4.5%. In the fourth quarter, Dorian LPG's net income was $79.2 million, or $1.96 per diluted share, compared to $76.0 million, or $1.89 per share, in the same quarter the previous year. The slight decrease in adjusted net income, down $0.5 million YoY, was primarily due to increased charter hire expenses, vessel operating expenses, and general and administrative expenses, among others.
John Hadjipateras, Chairman, President, and CEO, commented on the record-breaking fiscal year with a TCE of nearly $66,000 per operating day, leading to the company's highest net income and a return on equity exceeding 30%. He also noted the challenges faced due to market volatility and geopolitical events, while praising the commitment of the company's seafarers and shore staff.
The company's TCE rate for the fleet was $72,202 for the quarter, a 6.0% increase from the $68,135 TCE rate for the same period in the prior year. However, total fleet utilization decreased from 95.7% for the three months ended March 31, 2023, to 87.7% for the same period in 2024.
Dorian LPG has declared and paid four irregular dividends totaling $162.2 million during the fiscal year and has returned over $730 million to shareholders since its IPO. The company remains focused on maintaining the quality of its service and the strength of its balance sheet, as reflected by its recent agreement for a newbuilding Very Large Gas Carrier / Ammonia Carrier expected to be delivered in the third calendar quarter of 2026.
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