STEALTHGAS INC. REPORTS THIRD QUARTER AND NINE MONTHS 2024 FINANCIAL AND OPERATING RESULTS
ATHENS, GREECE,STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2024.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- All-time record Net Income of $55.7 million for the nine months of 2024, a 29.3% increase compared to the same period last year. Strong profitability continued for the third quarter, with Net income of $12.1 million corresponding to a basic EPS of $0.33.
- Revenues increased by 16.7% compared to the same period of last year to $40.4 million for the third quarter of 2024, despite a decrease in utilization mainly due to four vessels undergoing drydock during the third quarter of 2024 compared to zero vessels last year.
- Further increased period coverage. About 65% of fleet days for 2025 are already secured on period charters, with total fleet employment days for all subsequent periods generating over $220 million (excl. JV vessels) in contracted revenues.
- Continued reducing leverage, making $106.6 million in debt repayments during the first nine months of 2024. Currently, 25 out of 28 vessels in the fully owned fleet are unencumbered.
- Maintaining ample cash and cash equivalents (incl. restricted cash) of $77.4 million as of September 30, 2024 enabling the Company to further reduce debt.
