Dorian LPG Soars Past Q4 Earnings Estmates, CEO Calls It The 'Best Financial Year' - Dorian LPG (NYSE:LPG

Dorian LPG Ltd (NYSE:LPG) reported revenue growth of 67.9% year-over-year for the fourth-quarter of 2023.

Revenue hovered at around $133.6 million, beating the consensus of $111.3 million.
Average Time Charter Equivalent (TCE) rate rose to $68,135 from $43,372 in the prior year, driven by higher spot rates and lower bunker costs.
Fleet utilization for the quarter was 95.7% versus 89.3% last year.
Adjusted EPS of $1.94 beat the consensus of $1.30.
Daily vessel operating expenses rose to $10,528 from $9,370 in the prior year quarter.
Charter hire expenses rose 32.8% Y/Y to $7.2 million on the increase in time chartered-in days.
General and administrative expenses were up 8.3% Y/Y to $7.5 million due to predelivery costs of $0.5 million related to the dual-fuel VLGC.
Adjusted EBITDA improved significantly to $102.1 million from $54.1 million a year ago.
Dorian CEO John Hadjipateras claimed that the company's fourth quarter "marked the culmination of the best financial year" in Dorian history.
"Strong chartering results and a solid balance sheet enabled us to return nearly $225 million to our shareholders during fiscal year 2023," he said. "Our commitment to sensible and environmentally sustainable investment is evidenced by the addition of three dual-fuel VLGCs so far with a fourth coming later this year."

Price Action: LPG shares are trading higher by 2.47% at $24.44 premarket on the last check Wednesday.

Image: Dorian LPG

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