Stealthgas Stock Gains After Beating Q2 Estimates

  • StealthGas Inc. GASS reported second-quarter revenue growth of 8.3% year-over-year to $39.25 million, beating the consensus of $31.77 million.
  • Fleet utilization of 98.1% - with 60 days of technical off-hire for the quarter., and operational utilization was at 96.3%.
  • StealthGas secured 74% of fleet days on period charters for the remainder of 2021, with total fleet employment days generating ~$66 million in contracted revenues. Period coverage for the rest of Q3 21’ is currently 87%.
  • Income from operation reduced to $0.37 million, from $10.6 million in 2Q20, as total expenses surged 51%.
  • Adjusted EPS decreased to $0.13 from $0.25 in 2Q20 but topped the consensus of $(0.04).
  • StealthGas generated cash from operating activities year-to-date of $21.83 million, compared to $28.03 million a year ago. 
  • Due to higher voyage, operating, and drydocking costs, Adjusted EBITDA decreased by 22.7% Y/Y to $17.3 million. Adjusted EBITDA margin contracted by 1,774 bps to 44.2%.
  • The company’s cash, including restricted cash, stood at $48.5 million at the end of the quarter.
  • Price Action: GASS shares are trading higher by 9.95% at $2.7047 on the last check Wednesday.

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