Stealthgas Q1 Profit Rises; But EPS Down - Quick Facts

(RTTNews) - Stealthgas Inc. (GASS), a ship-owning company primarily serving the liquefied petroleum gas or LPG sector of the international shipping industry, said that net income for the first quarter ended March 31, 2014 increased to $7.6 million, from $6.5 million last year. But, earnings per share declined to $0.23 from $0.31 last year.

Included in the first quarter 2014 results are net losses from interest rate derivative instruments of $0.07 million. Interest paid on interest rate swap arrangements amounted to $0.6 million, or $0.02 per share, compared to $1.2 million for the same period of last year.

Adjusted net income was $7.2 million or $0.21 per share compared to $5.3 million or $0.26 per share in the prior year.

Revenues for the quarter amounted to $33.9 million, an increase of 15.3%, from last year's $29.4 million, primarily due to the revenues earned by the additional vessels which commenced operation later in 2013 and supported by the relative firmness in the spot market compared to the same period in 2013. This coupled with the usual seasonal strength improved the charter market and all vessels were operating at almost full capacity for the quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share and revenues of $32.23 million for the quarter. Analysts' estimates typically exclude special items.