The following is a summary of the StealthGas Inc. (GASS) Q4 2023 Earnings Call Transcript:
Financial Performance:
StealthGas reported Q4 2023 net voyage revenues of $130.6 million, even with a 20% reduction in fleet days and fewer vessels.
Q4 profit increased by 15% to $8.9 million compared to the previous year.
Full-year net income was $51.9 million, a 52% increase year over year.
Earnings per share for the year were $1.38.
Debt was reduced by $154 million in 2023, maintaining strong liquidity.
The company repurchased 1.2 million shares in Q4 2023, costing over $19 million.
Quarterly net revenue was $30.8 million and $130.3 million for the year.
Income from operations increased by 3% to $9.6 million for the quarter and by 40% to $45.8 million for the year.
Total debt reduced by $154 million to $124 million by the end of the last quarter.
Business Progress:
Two vessels were sold and two new vessels were acquired and deployed on respective time charters.
Contract coverage for 2024 is at 66% of fleet days, securing revenues of over $200 million.
Seven vessels are scheduled for drydock in 2024.
The company's geographic focus is on regional gas trade with strategic fleet positioning expected to continue in Europe due to premium freight rates.
The company reduced their outstanding debt significantly and has 18 out of 27 vessels in the fleet mortgage-free.
The company invested in joint ventures, notably one with larger vessels that contributed $12.3 million in 2023.
StealthGas purchased back shares for $19 million in 2023.
The company reported a 4.3% increase in LPG exports, with the US leading growth at 15% year-over-year.
The company is upsizing, replacing smaller vessels with larger carriers, which has led to a diversification of its revenue stream and customer base.
More details: StealthGas IR
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